Vanguard Group Inc. Sells 722,164 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Vanguard Group Inc. reduced its stake in First Horizon Corporation by 1.3%, owning approximately 53.2 million shares valued at over $1 billion.
• Multiple institutional investors have increased their stakes in First Horizon, with SG Americas Securities LLC raising its holdings by 286.9% in the 1st quarter.
• First Horizon announced a quarterly dividend of $0.15 per share, reflecting an annualized yield of 2.8%.

Vanguard Group Inc. trimmed its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,192,353 shares of the financial services provider's stock after selling 722,164 shares during the period. Vanguard Group Inc. owned 10.35% of First Horizon worth $1,032,995,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Belpointe Asset Management LLC raised its holdings in First Horizon by 3.1% in the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock valued at $355,000 after buying an additional 535 shares during the last quarter. Signaturefd LLC raised its holdings in First Horizon by 4.8% in the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after buying an additional 635 shares during the last quarter. Tidal Investments LLC raised its holdings in First Horizon by 1.2% in the 4th quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after buying an additional 767 shares during the last quarter. Greenleaf Trust raised its holdings in First Horizon by 3.9% in the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock valued at $406,000 after buying an additional 779 shares during the last quarter. Finally, Summit Asset Management LLC raised its holdings in First Horizon by 4.5% in the 1st quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock valued at $358,000 after buying an additional 788 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on FHN. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Truist Financial raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Jefferies Financial Group started coverage on shares of First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target for the company. Barclays raised their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Citigroup raised their price target on shares of First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.28.

Insider Activity

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 shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

First Horizon Stock Down 1.4%

FHN traded down $0.32 during mid-day trading on Friday, reaching $21.96. 4,613,511 shares of the stock were exchanged, compared to its average volume of 6,459,199. 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 $11.15 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.05 and a beta of 0.65. The company has a 50 day moving average price of $21.30 and a two-hundred day moving average price of $20.14. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the previous year, the firm earned $0.36 EPS. As a group, research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

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

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.