First Horizon Corporation $FHN Stock Holdings Lessened by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has decreased its stake in First Horizon Corporation by 39.2% in the first quarter, now owning 658,892 shares valued at about $12.8 million.
• Other hedge funds, including Millennium Management and UBS AM, have significantly increased their positions in First Horizon, indicating strong institutional interest, with 80.28% of the stock owned by institutional investors.
• First Horizon recently announced a quarterly dividend of $0.15 per share, representing an annualized yield of 2.6%, with a payout ratio of 38.71%.

Rafferty Asset Management LLC reduced its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 39.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 658,892 shares of the financial services provider's stock after selling 424,738 shares during the period. Rafferty Asset Management LLC owned 0.13% of First Horizon worth $12,796,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. HighTower Advisors LLC lifted its stake in shares of First Horizon by 1.0% during the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock valued at $1,175,000 after buying an additional 575 shares during the period. Signaturefd LLC lifted its stake in shares of First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after buying an additional 635 shares during the period. Tidal Investments LLC lifted its stake in shares of First Horizon by 1.2% during the fourth quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after buying an additional 767 shares during the period. Greenleaf Trust lifted its stake in shares of First Horizon by 3.9% during the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock valued at $406,000 after buying an additional 779 shares during the period. Finally, Summit Asset Management LLC lifted its stake in shares of First Horizon by 4.5% during the first quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock valued at $358,000 after buying an additional 788 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FHN shares. Wells Fargo & Company upped their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Truist Financial upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price target (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $23.34.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,295 shares of company stock valued at $3,322,663. Company insiders own 1.04% of the company's stock.

First Horizon Price Performance

FHN opened at $22.41 on Wednesday. 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 Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The company has a 50 day moving average of $21.94 and a two-hundred day moving average of $20.16. The company has a market cap of $11.38 billion, a P/E ratio of 14.46, a P/E/G ratio of 1.07 and a beta of 0.67.

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

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

First Horizon Company Profile

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.