LSV Asset Management Has $248.82 Million Position in First Horizon Corporation (NYSE:FHN)

Key Points

• LSV Asset Management has reduced its holdings in First Horizon Corporation by 5.8%, now owning approximately 12.8 million shares valued at $248.82 million.
• First Horizon recently announced a quarterly dividend of $0.15, with an annualized yield of 2.8% and a payout ratio of 38.71%.
• Research firms have varied opinions on First Horizon, with Barclays raising its target price to $26 and Citigroup to $25, while some others decreased ratings or price targets.

LSV Asset Management reduced its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 5.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,812,378 shares of the financial services provider's stock after selling 784,360 shares during the period. LSV Asset Management owned approximately 2.49% of First Horizon worth $248,816,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FHN. Natixis Advisors LLC raised its holdings in First Horizon by 6.7% in the first quarter. Natixis Advisors LLC now owns 321,795 shares of the financial services provider's stock worth $6,249,000 after purchasing an additional 20,218 shares during the period. Vestcor Inc acquired a new stake in First Horizon in the first quarter worth $2,433,000. Algebris UK Ltd acquired a new stake in First Horizon in the first quarter worth $23,926,000. LPL Financial LLC raised its holdings in First Horizon by 11.2% in the first quarter. LPL Financial LLC now owns 182,878 shares of the financial services provider's stock worth $3,551,000 after purchasing an additional 18,377 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in First Horizon by 3.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,707 shares of the financial services provider's stock worth $2,597,000 after purchasing an additional 3,982 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on FHN. Barclays increased their target price on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Citigroup increased their target price on shares of First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Truist Financial increased their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $23.28.

First Horizon Stock Down 2.2%

First Horizon stock opened at $21.32 on Friday. The company has a market cap of $10.81 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a 1-year low of $14.34 and a 1-year high of $23.00. The company has a fifty day simple moving average of $20.99 and a 200 day simple moving average of $20.11. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the firm earned $0.36 earnings per share. Research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. First Horizon's dividend payout ratio (DPR) is 38.71%.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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