New Age Alpha Advisors LLC Sells 45,476 Shares of First Horizon Corporation $FHN

Key Points

• New Age Alpha Advisors LLC cut its First Horizon stake by 14% in the fourth quarter, selling 45,476 shares and leaving it with 280,330 shares worth about $6.7 million.
• Analyst sentiment on FHN is mixed: the stock has a consensus rating of Hold with an average price target of $26.45, though several firms recently adjusted their targets upward or downward.
• First Horizon reported better-than-expected quarterly earnings of $0.53 per share on revenue of $865 million, and it also announced a quarterly dividend of $0.17 per share, implying a 2.8% annual yield.

New Age Alpha Advisors LLC lowered its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 14.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 280,330 shares of the financial services provider's stock after selling 45,476 shares during the period. New Age Alpha Advisors LLC owned 0.06% of First Horizon worth $6,700,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon during the 3rd quarter valued at $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon during the 3rd quarter valued at $31,000. Kestra Investment Management LLC boosted its holdings in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of First Horizon by 122.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider's stock valued at $37,000 after buying an additional 900 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FHN. Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Barclays dropped their target price on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Citigroup boosted their target price on shares of First Horizon from $28.00 to $28.50 and gave the company a "buy" rating in a report on Tuesday, February 24th. Wells Fargo & Company boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, March 30th. Finally, Zacks Research cut shares of First Horizon from a "strong-buy" rating to a "hold" rating in a report on Friday, March 20th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $26.45.

First Horizon Stock Performance

Shares of First Horizon stock opened at $24.26 on Monday. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.95 and a beta of 0.62. The firm's 50-day moving average is $23.57 and its 200 day moving average is $23.62. First Horizon Corporation has a 1 year low of $19.03 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 20.54% and a return on equity of 11.65%. First Horizon's revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared 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 is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon's payout ratio is presently 34.00%.

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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