Private Management Group Inc. Sells 303,042 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Private Management Group Inc. has sold 303,042 shares of First Horizon Corporation, reducing its stake by 30.1% to 702,979 shares, valued at approximately $13.65 million.
• First Horizon recently declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend of $0.60 and a dividend yield of 2.70%.
• Major institutional investors have shown increased interest in First Horizon, with Millennium Management and UBS AM significantly boosting their positions in the fourth quarter.

Private Management Group Inc. decreased its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 30.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 702,979 shares of the financial services provider's stock after selling 303,042 shares during the quarter. Private Management Group Inc. owned about 0.14% of First Horizon worth $13,652,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Byrne Asset Management LLC lifted its position in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after buying an additional 830 shares during the period. Golden State Wealth Management LLC lifted 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 buying an additional 2,658 shares during the period. Versant Capital Management Inc lifted its position in First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after buying an additional 1,975 shares during the period. Covestor Ltd lifted its position in First Horizon by 82.1% during the fourth quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock valued at $78,000 after buying an additional 1,748 shares during the period. Finally, Mpwm Advisory Solutions LLC purchased a new position in First Horizon during the fourth quarter valued at $130,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on FHN. Bank of America raised their price objective on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Wells Fargo & Company lifted their price target on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.28.

First Horizon Stock Performance

Shares of First Horizon stock traded down $0.26 during trading hours on Tuesday, reaching $22.27. 6,372,659 shares of the stock traded hands, compared to its average volume of 6,171,651. The company has a 50 day moving average price of $20.82 and a 200 day moving average price of $20.07. The firm has a market capitalization of $11.29 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 1.08 and a beta of 0.61. First Horizon Corporation has a one year low of $14.34 and a one year high of $23.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 return on equity of 10.55% and a net margin of 17.10%. During the same period in the previous year, the company posted $0.36 EPS. On average, equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the sale, the executive vice president directly owned 550,011 shares in the company, valued at $12,210,244.20. The trade was a 6.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.04% of the company's stock.

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.