Principal Financial Group Inc. Sells 75,966 Shares of First Horizon Corporation (NYSE:FHN)

Principal Financial Group Inc. cut its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 about 0.62% of First Horizon worth $62,015,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Belpointe Asset Management LLC increased its holdings in shares of First Horizon by 3.1% during the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock worth $355,000 after acquiring an additional 535 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in First Horizon by 3.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock valued at $317,000 after buying an additional 571 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in First Horizon by 29.9% in the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after buying an additional 591 shares in the last quarter. Independent Advisor Alliance grew its holdings in First Horizon by 1.1% in the 4th quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock valued at $1,163,000 after buying an additional 632 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its holdings in First Horizon by 4.8% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,621 shares of the financial services provider's stock valued at $294,000 after buying an additional 676 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of FHN stock traded up $0.10 on Friday, hitting $21.86. 3,032,215 shares of the company's stock were exchanged, compared to its average volume of 6,025,222. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $22.44. The stock has a market cap of $11.09 billion, a P/E ratio of 15.18, a price-to-earnings-growth ratio of 1.13 and a beta of 0.61. The company has a 50 day moving average of $19.90 and a 200 day moving average of $19.86.

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

First Horizon Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on FHN shares. Wells Fargo & Company decreased their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Truist Financial started coverage on First Horizon in a report on Tuesday, May 13th. They issued a "hold" rating and a $21.00 price objective on the stock. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Keefe, Bruyette & Woods decreased their price objective on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Finally, Bank of America upped their price objective on First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and an average price target of $22.47.

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.