Teza Capital Management LLC Sells 13,794 Shares of First Horizon Corporation $FHN

Key Points

• Teza Capital Management LLC reduced its holdings in First Horizon Corporation by 45.4%, owning 16,567 shares worth $322,000 after selling 13,794 shares in the first quarter.
• Other institutional investors, such as Byrne Asset Management and Quarry LP, have significantly increased their investments in First Horizon, highlighting a growing interest in the company.
• First Horizon has recently announced a quarterly dividend of $0.15 per share, with a dividend yield of 2.7%, showing its commitment to returning value to shareholders.

Teza Capital Management LLC cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 45.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,567 shares of the financial services provider's stock after selling 13,794 shares during the period. Teza Capital Management LLC's holdings in First Horizon were worth $322,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FHN. Millennium Management LLC increased its position in shares of First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after buying an additional 6,827,040 shares during the period. Invesco Ltd. grew its holdings in shares of First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after purchasing an additional 2,968,012 shares in the last quarter. Nuveen LLC purchased a new position in shares of First Horizon during the first quarter worth about $46,640,000. Finally, Sculptor Capital LP grew its holdings in shares of First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after purchasing an additional 1,806,000 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

FHN traded down $0.22 during midday trading on Friday, hitting $22.52. The stock had a trading volume of 9,818,628 shares, compared to its average volume of 10,728,233. The company has a market cap of $11.43 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The business has a fifty day moving average of $22.14 and a 200 day moving average of $20.22. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.08.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results 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 business had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on FHN. Raymond James Financial reissued an "outperform" rating and set a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Jefferies Financial Group began coverage on First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective for the company. Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Barclays boosted their price objective on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Bank of America boosted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $23.34.

Insider Buying and Selling

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

First Horizon 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.