Legal & General Group Plc Sells 128,907 Shares of First Horizon Corporation $FHN

Key Points

• Legal & General Group Plc cut its stake in First Horizon by 14.5% in Q4, selling 128,907 shares and leaving it with 760,110 shares worth about $18.2 million.
• First Horizon shares were down 2.5% to $23.64, while the stock trades at a market cap of $11.22 billion and a relatively low beta of 0.60.
• The bank reported better-than-expected EPS of $0.53 and also announced a quarterly dividend of $0.17 per share, equal to a 2.9% annual yield.

Legal & General Group Plc decreased its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 760,110 shares of the financial services provider's stock after selling 128,907 shares during the period. Legal & General Group Plc owned approximately 0.15% of First Horizon worth $18,167,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised its position in First Horizon by 148.6% during the fourth quarter. Hantz Financial Services Inc. now owns 11,369 shares of the financial services provider's stock valued at $272,000 after purchasing an additional 6,796 shares in the last quarter. William Blair Investment Management LLC raised its position in First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock valued at $127,531,000 after purchasing an additional 116,191 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in First Horizon by 796.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 74,262 shares of the financial services provider's stock valued at $1,775,000 after purchasing an additional 65,978 shares in the last quarter. Global Retirement Partners LLC raised its position in First Horizon by 1,880.5% during the fourth quarter. Global Retirement Partners LLC now owns 21,033 shares of the financial services provider's stock valued at $503,000 after purchasing an additional 19,971 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in First Horizon by 4.8% during the fourth quarter. Handelsbanken Fonder AB now owns 150,719 shares of the financial services provider's stock valued at $3,602,000 after purchasing an additional 6,900 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Down 2.5%

NYSE FHN opened at $23.64 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $11.22 billion, a PE ratio of 11.82, a PEG ratio of 0.95 and a beta of 0.60. First Horizon Corporation has a 1 year low of $19.03 and a 1 year high of $26.56. The business's 50-day moving average is $23.85 and its 200 day moving average is $23.73.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. Sell-side analysts forecast that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. First Horizon's dividend payout ratio (DPR) is presently 34.00%.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of research reports. Citigroup raised their price target on First Horizon from $28.00 to $28.50 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods raised their price target on First Horizon from $25.00 to $26.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. UBS Group downgraded First Horizon from a "buy" rating to a "neutral" rating and lowered their price target for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price target on First Horizon from $28.00 to $26.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $26.45.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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