First Horizon Corporation $FHN Shares Sold by Teza Capital Management LLC

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 decreased its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 45.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. HighTower Advisors LLC boosted its position in shares of First Horizon by 1.0% in the first 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. Signaturefd LLC boosted its position in shares of First Horizon by 4.8% in the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock worth $270,000 after buying an additional 635 shares during the period. Tidal Investments LLC boosted its position in shares of First Horizon by 1.2% in the fourth quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock worth $1,357,000 after buying an additional 767 shares during the period. Greenleaf Trust boosted its position in shares of First Horizon by 3.9% in the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock worth $406,000 after buying an additional 779 shares during the period. Finally, Summit Asset Management LLC boosted its position in shares of First Horizon by 4.5% in the first quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock worth $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.

First Horizon Stock Down 1.0%

NYSE FHN traded down $0.22 on Friday, hitting $22.52. 9,818,628 shares of the stock traded hands, compared to its average volume of 7,007,003. The stock has a 50-day moving average of $22.13 and a 200 day moving average of $20.22. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.08. The company has a market capitalization 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 company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

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 the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The firm had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FHN shares. Truist Financial upped their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Barclays increased their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Citigroup increased their price target on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.34.

Insider Buying and Selling

In other news, COO Tammy Locascio sold 10,285 shares of the 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 sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 over the last quarter. Insiders own 0.87% of the company's stock.

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.