Twin Tree Management LP Trims Holdings in First Horizon Corporation $FHN

Key Points

• Twin Tree Management LP significantly reduced its stake in First Horizon Corporation by 94.1%, selling over 564,000 shares and leaving it with approximately 35,161 shares valued at $745,000.
• Institutional investors have shown varying activity, with UBS AM and Invesco Ltd. increasing their holdings by 53.5% and 78.4%, respectively, highlighting ongoing interest in the stock despite Twin Tree's exit.
• First Horizon recently reported earnings per share of $0.51, surpassing analysts' expectations, and announced a quarterly dividend of $0.15, yielding 3.0% annually.

Twin Tree Management LP reduced its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 94.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,161 shares of the financial services provider's stock after selling 564,838 shares during the quarter. Twin Tree Management LP's holdings in First Horizon were worth $745,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FHN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Horizon by 53.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock valued at $244,594,000 after buying an additional 4,392,405 shares during the last quarter. Invesco Ltd. boosted its stake 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 valued at $131,192,000 after buying an additional 2,968,012 shares during the last quarter. Nuveen LLC purchased a new position in shares of First Horizon during the 1st quarter valued at approximately $46,640,000. Sculptor Capital LP boosted its stake in shares of First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock valued at $94,517,000 after buying an additional 1,806,000 shares during the last quarter. Finally, Phoenix Financial Ltd. purchased a new position in shares of First Horizon during the 1st quarter valued at approximately $29,395,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FHN has been the topic of several research reports. Robert W. Baird set a $25.00 price target on First Horizon in a research report on Wednesday. Cowen initiated coverage on First Horizon in a research report on Wednesday, September 24th. They set a "hold" rating on the stock. Keefe, Bruyette & Woods dropped their price target on First Horizon from $24.00 to $23.00 and set a "market perform" rating on the stock in a research report on Thursday. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th. Finally, Jefferies Financial Group set a $25.00 price target on First Horizon and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten 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 an average price target of $24.47.

First Horizon Stock Performance

FHN stock opened at $20.28 on Friday. 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 stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.81 and a beta of 0.67. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The stock's fifty day moving average is $22.39 and its two-hundred day moving average is $20.75.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.06. The company had revenue of $849.00 million for the quarter, compared to analysts' expectations of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. On average, research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 12th. First Horizon's dividend payout ratio (DPR) is presently 36.36%.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction 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 directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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.

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