Zurich Insurance Group Ltd FI Sells 123,622 Shares of First Horizon Corporation $FHN

Key Points

• Zurich Insurance Group Ltd FI reduced its stake in First Horizon Corporation by 11.8% after selling 123,622 shares, bringing its total ownership to 926,596 shares valued at approximately $17,994,000.
• Several institutional investors notably increased their holdings in First Horizon, including Millennium Management with a 102.3% increase and UBS Asset Management which lifted its stake by 496.3%.
• First Horizon Corporation announced a quarterly dividend of $0.15 per share, which will yield about 2.6% annually, reflecting a dividend payout ratio of 38.71%.

Zurich Insurance Group Ltd FI cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 11.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 926,596 shares of the financial services provider's stock after selling 123,622 shares during the quarter. Zurich Insurance Group Ltd FI owned 0.18% of First Horizon worth $17,994,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. HighTower Advisors LLC increased its stake in shares of First Horizon by 1.0% in the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock worth $1,175,000 after buying an additional 575 shares during the period. Signaturefd LLC grew its position in First Horizon by 4.8% during the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 635 shares during the last quarter. Tidal Investments LLC raised its position 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 worth $1,357,000 after buying an additional 767 shares during the last quarter. Greenleaf Trust raised its position in First Horizon by 3.9% in the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock worth $406,000 after buying an additional 779 shares during the last quarter. Finally, Summit Asset Management LLC raised its position 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 worth $358,000 after buying an additional 788 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value 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 trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction 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 transaction, the chief operating officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on FHN. Wells Fargo & Company boosted their target price 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. Truist Financial boosted their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Citigroup boosted their target price on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Finally, Barclays upped their price target on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Price Performance

FHN traded down $0.05 during trading on Monday, reaching $22.46. 4,470,601 shares of the company traded hands, compared to its average volume of 6,988,725. 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 Corporation has a 12-month low of $14.82 and a 12-month high of $23.08. The firm has a fifty day simple moving average of $22.14 and a 200 day simple moving average of $20.22. The company has a market cap of $11.40 billion, a P/E ratio of 14.49, a PEG ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 business had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same period last year, the firm 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 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.