Phocas Financial Corp. Lowers Stock Position in First Horizon Corporation (NYSE:FHN)

Key Points

• Phocas Financial Corp. has reduced its stake in First Horizon Corporation by 5.5%, selling 28,898 shares and now holding 499,625 shares, which constitutes approximately 1.5% of its investment portfolio.
• Several hedge funds and institutional investors, including Cerity Partners LLC and SG Americas Securities LLC, have recently increased their positions in First Horizon, indicating growing investor interest.
• First Horizon has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and an average price target of $23.28, reflecting recent upward adjustments in price objectives by various analysts.

Phocas Financial Corp. trimmed its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 499,625 shares of the financial services provider's stock after selling 28,898 shares during the quarter. First Horizon accounts for about 1.5% of Phocas Financial Corp.'s portfolio, making the stock its 14th largest position. Phocas Financial Corp. owned approximately 0.10% of First Horizon worth $9,703,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its holdings in shares of First Horizon by 1.5% in the 4th quarter. American Century Companies Inc. now owns 252,214 shares of the financial services provider's stock valued at $5,080,000 after buying an additional 3,777 shares during the period. LPL Financial LLC raised its holdings in First Horizon by 4.4% in the 4th quarter. LPL Financial LLC now owns 164,501 shares of the financial services provider's stock worth $3,313,000 after purchasing an additional 6,931 shares during the period. Pictet Asset Management Holding SA raised its holdings in First Horizon by 3.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 73,982 shares of the financial services provider's stock worth $1,490,000 after purchasing an additional 2,268 shares during the period. Orion Portfolio Solutions LLC raised its holdings in First Horizon by 30.5% in the 4th quarter. Orion Portfolio Solutions LLC now owns 55,387 shares of the financial services provider's stock worth $1,115,000 after purchasing an additional 12,944 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in First Horizon by 18.2% in the 4th quarter. Alliancebernstein L.P. now owns 1,272,804 shares of the financial services provider's stock worth $25,634,000 after purchasing an additional 196,321 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Down 1.4%

Shares of FHN traded down $0.29 during midday trading on Tuesday, hitting $21.38. 2,407,613 shares of the stock were exchanged, compared to its average volume of 6,282,930. First Horizon Corporation has a 52-week low of $14.59 and a 52-week high of $23.00. The stock has a fifty day simple moving average of $21.03 and a 200 day simple moving average of $20.10. The firm has a market cap of $10.84 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.01 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date 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%.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the firm'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 directly owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, 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 position. The disclosure for this sale can be found here. 1.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on FHN shares. Truist Financial increased their target price on First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, July 11th. Barclays increased their target price on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. increased their target price on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods reduced their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Finally, Jefferies Financial Group assumed coverage on First Horizon in a research report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $23.28.

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.