Principal Financial Group Inc. Trims Stock Position in First Horizon Corporation (NYSE:FHN)

Principal Financial Group Inc. decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,193,382 shares of the financial services provider's stock after selling 75,966 shares during the quarter. Principal Financial Group Inc. owned approximately 0.62% of First Horizon worth $62,015,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in shares of First Horizon by 1.0% in the first quarter. First Horizon Advisors Inc. now owns 124,816 shares of the financial services provider's stock valued at $2,424,000 after purchasing an additional 1,181 shares during the last quarter. Red Door Wealth Management LLC grew its position in First Horizon by 164.3% during the 1st quarter. Red Door Wealth Management LLC now owns 50,054 shares of the financial services provider's stock worth $972,000 after acquiring an additional 31,113 shares during the last quarter. Argent Advisors Inc. bought a new stake in shares of First Horizon during the 1st quarter valued at about $468,000. Highland Capital Management LLC lifted its stake in shares of First Horizon by 12.9% in the first quarter. Highland Capital Management LLC now owns 383,411 shares of the financial services provider's stock worth $7,446,000 after buying an additional 43,747 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its position in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE FHN traded down $0.04 during trading on Wednesday, hitting $21.91. 2,220,882 shares of the company's stock traded hands, compared to its average volume of 6,005,200. First Horizon Corporation has a 12-month low of $14.34 and a 12-month high of $22.44. The stock has a market capitalization of $11.11 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.12 and a beta of 0.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96. The business has a 50 day moving average of $20.05 and a 200-day moving average of $19.89.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. During the same period last year, the firm posted $0.35 earnings per share. As a group, equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's payout ratio is 41.67%.

Analyst Ratings Changes

A number of research firms recently issued reports on FHN. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Bank of America raised their price objective on First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, June 22nd. Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Wells Fargo & Company lowered their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.78.

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.