Zurcher Kantonalbank Zurich Cantonalbank Reduces Holdings in First Horizon Corporation $FHN

Key Points

• Zurcher Kantonalbank cut its stake in First Horizon by 36.1% in Q4, selling 57,915 shares and leaving 102,617 shares valued at about $2.45 million.
• First Horizon beat EPS estimates ($0.53 vs. $0.49) for the quarter, kept revenue roughly steady, and raised its quarterly dividend to $0.17 (annualized $0.68, yield ~2.8%).
• Analysts are mixed with a consensus "Hold" and an average target of $26.45, while institutional ownership remains high (about 80.3%) and several funds materially adjusted positions.

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 36.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 102,617 shares of the financial services provider's stock after selling 57,915 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in First Horizon were worth $2,453,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider's stock worth $1,406,000 after buying an additional 47,119 shares during the last quarter. First Horizon Corp purchased a new position in shares of First Horizon during the third quarter worth about $2,361,000. Allianz Asset Management GmbH purchased a new position in shares of First Horizon during the third quarter worth about $6,416,000. Victory Capital Management Inc. grew its holdings in shares of First Horizon by 18.0% during the third quarter. Victory Capital Management Inc. now owns 3,233,074 shares of the financial services provider's stock worth $73,100,000 after buying an additional 492,888 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of First Horizon during the third quarter worth about $1,211,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $24.22 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.57 billion, a P/E ratio of 12.11, a PEG ratio of 0.95 and a beta of 0.62. First Horizon Corporation has a 52 week low of $17.57 and a 52 week high of $26.56. The company has a 50-day moving average price of $23.48 and a 200 day moving average price of $23.24.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm's revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. Research analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a $0.17 dividend. The ex-dividend date was Friday, March 13th. This is an increase from First Horizon's previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon's payout ratio is 34.00%.

Analysts Set New Price Targets

FHN has been the topic of a number of research reports. Weiss Ratings raised First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 16th. UBS Group lowered First Horizon from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. JPMorgan Chase & Co. lowered their price target on First Horizon from $28.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Wells Fargo & Company raised their price target on First Horizon from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, March 30th. Finally, Citigroup raised their price target on First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $26.45.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm's stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.91% of the stock is currently owned by insiders.

About First Horizon

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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