Voya Investment Management LLC Has $5.05 Million Position in 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 First Horizon Corporation (NYSE:FHN - Free Report) by 7.8% during the first quarter, according to the company in its most recent 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 period. Voya Investment Management LLC owned approximately 0.05% of First Horizon worth $5,049,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of First Horizon by 496.3% during 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 buying an additional 6,827,040 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 acquiring an additional 4,392,405 shares in the last quarter. Invesco Ltd. raised its position in First Horizon by 78.4% during the first 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 last quarter. Nuveen LLC purchased a new stake in shares of First Horizon in the first quarter valued at about $46,640,000. Finally, Sculptor Capital LP grew its position in shares of First Horizon by 59.0% in the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock valued at $94,517,000 after purchasing an additional 1,806,000 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other 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 transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock worth $3,322,663 over the last three months. Corporate insiders own 1.04% of the company's stock.

First Horizon Trading Down 1.5%

FHN stock traded down $0.36 during midday trading on Monday, reaching $22.74. 10,657,263 shares of the company's stock traded hands, compared to its average volume of 11,609,874. The business has a 50-day moving average price of $22.23 and a two-hundred day moving average price of $20.33. The company has a market capitalization of $11.55 billion, a P/E ratio of 14.67, a PEG ratio of 1.09 and a beta of 0.67. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.26. 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 (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. The business 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 last year, the business earned $0.36 EPS. Equities research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's payout ratio is 38.71%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FHN shares. Bank of America lifted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Barclays upped their price objective on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their price objective on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. One 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 company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

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.