First Horizon Corporation $FHN Position Cut by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in First Horizon Corporation by 17.5%, selling 891,763 shares to hold 4,195,947 shares worth approximately $81.5 million.
• Several institutional investors have increased their positions in First Horizon, with Mariner LLC and XTX Topco Ltd boosting their stakes by 5.7% and 66.0%, respectively, during the fourth quarter.
• The company recently announced a quarterly dividend of $0.15 per share, set to be paid on October 1st, representing an annualized yield of 2.8%.

Raymond James Financial Inc. reduced its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 17.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,195,947 shares of the financial services provider's stock after selling 891,763 shares during the period. Raymond James Financial Inc. owned 0.83% of First Horizon worth $81,485,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Byrne Asset Management LLC lifted its holdings in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after acquiring an additional 830 shares during the period. Golden State Wealth Management LLC lifted its holdings in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares during the period. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares during the period. Mpwm Advisory Solutions LLC purchased a new position in shares of First Horizon during the 4th quarter worth about $130,000. Finally, UMB Bank n.a. lifted its holdings in shares of First Horizon by 143.5% during the 1st quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock worth $130,000 after acquiring an additional 3,958 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Up 2.5%

Shares of First Horizon stock traded up $0.5510 on Friday, hitting $22.5110. 14,988,597 shares of the company's stock traded hands, compared to its average volume of 9,575,206. The stock has a market cap of $11.43 billion, a P/E ratio of 14.52, a PEG ratio of 1.04 and a beta of 0.65. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average is $21.54 and its 200 day moving average is $20.15. First Horizon Corporation has a 52-week low of $14.82 and a 52-week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to analysts' expectations 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 prior year, the business posted $0.36 EPS. Equities analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio is 38.71%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their target price 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. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Bank of America increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Citigroup increased their target price on shares of First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, First Horizon presently has an average rating of "Moderate Buy" and an average price target of $23.28.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the sale, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at $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. 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.