Prudential PLC Sells 28,970 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Prudential PLC reduced its holdings in First Horizon Corporation by 35.6%, now owning 52,425 shares valued at approximately $1,018,000 after selling 28,970 shares in the first quarter.
• Analysts generally maintain a positive outlook on First Horizon, with ten rating it a "buy" and prices targets being raised by firms like Bank of America and Citigroup.
• Recently, First Horizon announced a quarterly dividend of $0.15, providing a dividend yield of 2.7%, paid to shareholders on October 1st.

Prudential PLC reduced its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 35.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,425 shares of the financial services provider's stock after selling 28,970 shares during the period. Prudential PLC's holdings in First Horizon were worth $1,018,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Callan Family Office LLC boosted its holdings in shares of First Horizon by 4.9% during the 1st quarter. Callan Family Office LLC now owns 17,599 shares of the financial services provider's stock worth $342,000 after buying an additional 818 shares during the period. HighTower Advisors LLC boosted its holdings in shares of First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock worth $1,175,000 after buying an additional 575 shares during the period. Independent Advisor Alliance boosted its holdings in shares of First Horizon by 1.6% during the 1st quarter. Independent Advisor Alliance now owns 58,650 shares of the financial services provider's stock worth $1,139,000 after buying an additional 920 shares during the period. Nuveen LLC bought a new stake in shares of First Horizon during the 1st quarter worth $46,640,000. Finally, Invesco Ltd. boosted its holdings in shares of First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after buying an additional 2,968,012 shares during the period. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Bank of America upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. 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 report on Monday, June 9th. Citigroup increased their price target on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, First Horizon presently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Trading Down 1.9%

Shares of FHN stock opened at $21.85 on Friday. First Horizon Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The stock has a market cap of $11.09 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.06 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. The firm has a fifty day moving average of $21.33 and a 200-day moving average of $20.14.

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 analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the prior year, the company posted $0.36 EPS. On average, equities research analysts forecast 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 will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 2.7%. First Horizon's dividend payout ratio is currently 38.71%.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 38,010 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were 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 owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% 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.

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