UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $326.44 Million Stake in First Horizon Corporation $FHN

Key Points

• UBS Asset Management cut its First Horizon stake by 10.9% in the second quarter, selling 1.55 million shares. It still held 12.73 million shares worth approximately $326.4 million, representing 2.69% of the company.
• Analyst sentiment remains mixed, with First Horizon receiving an overall “Hold” rating and an average price target of $27.26, compared with its recent price of $24.35.
• First Horizon exceeded quarterly earnings expectations, reporting EPS of $0.54 versus the $0.52 consensus and revenue of $887 million. The company also declared a quarterly dividend of $0.17, implying a 2.8% annualized yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in First Horizon Corporation (NYSE:FHN - Free Report) by 10.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,731,777 shares of the financial services provider's stock after selling 1,553,047 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 2.69% of First Horizon worth $326,443,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kestra Investment Management LLC lifted its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of First Horizon in the second quarter valued at approximately $42,000. Basecamp Wealth Advisors LLC raised its holdings in shares of First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 746 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of First Horizon stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.91% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Evercore set a $27.00 price target on First Horizon in a research report on Monday, July 6th. Raymond James Financial raised their price target on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $27.26.

First Horizon Stock Down 1.2%

First Horizon stock opened at $24.35 on Tuesday. The firm has a market capitalization of $11.54 billion, a PE ratio of 11.65, a P/E/G ratio of 0.98 and a beta of 0.61. The company's 50-day moving average is $25.45 and its 200-day moving average is $24.44. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period last year, the business posted $0.45 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon's dividend payout ratio is currently 32.54%.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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