Voya Investment Management LLC Sells 22,096 Shares of First Horizon Corporation $FHN

Key Points

• Voya Investment Management LLC reduced its stake in First Horizon Corporation by 7.8% in the first quarter, selling 22,096 shares, bringing its total ownership to approximately 0.05% of the company.
• Several hedge funds increased their investments in First Horizon during the same period, with Byrne Asset Management LLC and Geneos Wealth Management Inc. increasing their stakes by 115.3% and 156.7%, respectively.
• First Horizon declared a quarterly dividend of $0.15 per share, set to be paid on October 1st, representing a annual yield of 2.6%.

Voya Investment Management LLC lowered its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,987 shares of the financial services provider's stock after selling 22,096 shares during the quarter. Voya Investment Management LLC owned 0.05% of First Horizon worth $5,049,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FHN. Byrne Asset Management LLC grew its holdings in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after buying an additional 830 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new position in First Horizon during the first quarter valued at approximately $38,000. Quarry LP boosted its holdings in First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its position in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of FHN traded down $0.14 on Friday, reaching $23.09. 18,621,059 shares of the stock traded hands, compared to its average volume of 11,428,257. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.10 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.26. The stock's 50-day moving average price is $22.22 and its 200-day moving average price is $20.29.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 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 business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Equities analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon's payout ratio is 38.71%.

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated 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 owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FHN has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Raymond James Financial restated an "outperform" rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Bank of America upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Barclays lifted their target price 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 First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $23.34.

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.