Persistent Asset Partners Ltd Sells 22,558 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Persistent Asset Partners Ltd reduced its holdings in First Horizon Corporation by 51.9%, selling 22,558 shares and retaining 20,934 shares now valued at approximately $407,000.
• First Horizon recently reported quarterly earnings of $0.45 per share, surpassing analysts' expectations and achieving a revenue of $830.19 million for the quarter.
• The company declared a quarterly dividend of $0.15 per share, representing an annualized yield of 2.8%, with payment scheduled for October 1st.

Persistent Asset Partners Ltd trimmed its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 51.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 20,934 shares of the financial services provider's stock after selling 22,558 shares during the quarter. Persistent Asset Partners Ltd's holdings in First Horizon were worth $407,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Invesco Ltd. increased its holdings in First Horizon by 20.9% in the 4th quarter. Invesco Ltd. now owns 3,787,498 shares of the financial services provider's stock worth $76,280,000 after purchasing an additional 654,642 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in First Horizon by 32.8% in the fourth quarter. Renaissance Technologies LLC now owns 1,068,111 shares of the financial services provider's stock worth $21,512,000 after acquiring an additional 264,000 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of First Horizon in the fourth quarter valued at approximately $479,000. Treasurer of the State of North Carolina increased its position in First Horizon by 64.2% in the fourth quarter. Treasurer of the State of North Carolina now owns 391,708 shares of the financial services provider's stock worth $7,889,000 after buying an additional 153,200 shares during the last quarter. Finally, Covestor Ltd increased its position in First Horizon by 82.1% in the fourth quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock worth $78,000 after buying an additional 1,748 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of FHN opened at $21.34 on Tuesday. The firm has a market capitalization of $10.82 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 1.01 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The company's fifty day moving average price is $21.17 and its 200-day moving average price is $20.10.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping 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 in the prior year, the firm posted $0.36 earnings per share. On average, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid 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 currently 38.71%.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 price target (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Truist Financial boosted their price target on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, Barclays upped their price objective on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $23.28.

Insider Transactions at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the firm'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 transaction of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the sale, the executive vice president owned 550,011 shares of the company's stock, valued at $12,210,244.20. This represents a 6.46% decrease in their position. The disclosure for this sale can be found here. 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.

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