First Horizon Corporation $FHN Shares Sold by Venture Visionary Partners LLC

Key Points

• Venture Visionary Partners LLC significantly reduced its holdings in First Horizon Corporation by 50.3%, selling 189,208 shares and now owns 187,086 shares valued at approximately $3.6 million.
• First Horizon Corporation declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 2.8%, with a payout ratio of 38.71%.
• Research analysts have mostly rated First Horizon as a Moderate Buy, with an average target price set at $23.28 and multiple upgrades to their price objectives recently.

Venture Visionary Partners LLC trimmed its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 50.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,086 shares of the financial services provider's stock after selling 189,208 shares during the period. Venture Visionary Partners LLC's holdings in First Horizon were worth $3,633,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FHN. Millennium Management LLC grew its stake in First Horizon by 102.3% in the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after acquiring an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Horizon by 496.3% in the 4th 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 worth $165,199,000 after acquiring an additional 6,827,040 shares during the period. Freestone Grove Partners LP purchased a new stake in First Horizon in the 4th quarter worth approximately $75,485,000. Invesco Ltd. grew its stake in First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after acquiring an additional 2,968,012 shares during the period. Finally, Nuveen LLC purchased a new stake in First Horizon in the 1st quarter worth approximately $46,640,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were 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 of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on FHN. JPMorgan Chase & Co. lifted their target price on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Truist Financial boosted their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Finally, Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.28.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.5510 during trading on Friday, reaching $22.5110. The company had a trading volume of 14,988,597 shares, compared to its average volume of 9,575,206. The firm's fifty day moving average is $21.54 and its 200 day moving average is $20.15. The firm has a market capitalization of $11.43 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.04 and a beta of 0.65. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. 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 (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. The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period in the prior year, the business posted $0.36 EPS. On average, equities analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio is currently 38.71%.

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.