Millennium Management LLC Decreases Holdings in First Horizon Corporation $FHN

Key Points

• Millennium Management LLC reduced its stake in First Horizon Corporation by 22.5%, selling 4,784,218 shares, which brought its total ownership to 16,501,088 shares, now representing 0.2% of its portfolio.
• In the first quarter, several institutional investors increased their stakes in First Horizon, with UBS AM leading at a 496.3% increase, owning 8,202,539 shares worth $165.2 million.
• First Horizon's recent quarterly earnings surpassed analysts' expectations, reporting an EPS of $0.45 against a forecast of $0.41, while the company plans to pay a dividend of $0.15 on October 1st.

Millennium Management LLC reduced its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 22.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 16,501,088 shares of the financial services provider's stock after selling 4,784,218 shares during the quarter. First Horizon makes up about 0.2% of Millennium Management LLC's portfolio, making the stock its 26th largest holding. Millennium Management LLC owned about 3.25% of First Horizon worth $320,451,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Interval Partners LP increased its position in First Horizon by 71.1% in the 1st quarter. Interval Partners LP now owns 721,475 shares of the financial services provider's stock valued at $14,011,000 after acquiring an additional 299,735 shares during the period. Hancock Whitney Corp increased its position in First Horizon by 24.9% in the 1st quarter. Hancock Whitney Corp now owns 33,492 shares of the financial services provider's stock valued at $650,000 after acquiring an additional 6,676 shares during the period. EJF Capital LLC increased its position in First Horizon by 1.6% in the 1st quarter. EJF Capital LLC now owns 295,578 shares of the financial services provider's stock valued at $5,740,000 after acquiring an additional 4,526 shares during the period. Cinctive Capital Management LP increased its position in First Horizon by 103.3% in the 1st quarter. Cinctive Capital Management LP now owns 397,954 shares of the financial services provider's stock valued at $7,728,000 after acquiring an additional 202,247 shares during the period. Finally, Curi RMB Capital LLC boosted its stake in shares of First Horizon by 28.2% in the 1st quarter. Curi RMB Capital LLC now owns 500,000 shares of the financial services provider's stock valued at $9,710,000 after purchasing an additional 110,000 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Bank of America upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price objective (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group assumed coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Stock Down 1.0%

NYSE FHN traded down $0.24 on Wednesday, hitting $22.58. 5,922,953 shares of the company were exchanged, compared to its average volume of 6,900,506. The company has a market cap of $11.46 billion, a PE ratio of 14.55, a PEG ratio of 1.06 and a beta of 0.67. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.05. The stock has a fifty day moving average of $22.09 and a 200-day moving average of $20.18. 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 quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. As a group, analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.7%. First Horizon's payout ratio is 38.71%.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction that occurred on 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 directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,295 shares of company stock valued at $3,322,663. Company insiders own 1.04% of the company's stock.

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.