LSV Asset Management Trims Stock Holdings 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 lowered its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,812,378 shares of the financial services provider's stock after selling 784,360 shares during the period. LSV Asset Management owned about 2.49% of First Horizon worth $248,816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Byrne Asset Management LLC raised its position in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 830 shares in the last quarter. Golden State Wealth Management LLC raised its position in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 2,658 shares in the last quarter. Versant Capital Management Inc raised its position in First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 1,975 shares in the last quarter. Covestor Ltd raised its position in First Horizon by 82.1% in the 4th quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 1,748 shares in the last quarter. Finally, Mpwm Advisory Solutions LLC acquired a new stake in First Horizon in the 4th quarter valued at about $130,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

Shares of First Horizon stock traded down $0.30 during trading on Wednesday, reaching $21.38. The company's stock had a trading volume of 8,145,456 shares, compared to its average volume of 6,362,174. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $14.60 and a 12-month high of $23.00. The company has a market capitalization of $10.85 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 1.03 and a beta of 0.65. The business has a 50 day moving average price of $21.06 and a 200-day moving average price of $20.11.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly 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. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the previous year, the business earned $0.36 earnings per share. As a group, sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FHN shares. Wells Fargo & Company raised their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods cut their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. JPMorgan Chase & Co. raised their target price on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Citigroup raised their target price on First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.28.

Insiders Place Their Bets

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David T. Popwell sold 38,010 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the sale, the executive vice president owned 550,011 shares in the company, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by insiders.

First Horizon Company Profile

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.