First Horizon Corporation $FHN Shares Sold by Zurich Insurance Group Ltd FI

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 reduced its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 11.8% during the first quarter, according to the company in its most recent filing with the 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 approximately 0.18% of First Horizon worth $17,994,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of FHN. Caxton Associates LLP bought a new stake in shares of First Horizon in the 1st quarter worth approximately $2,993,000. Goldman Sachs Group Inc. lifted its holdings in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Samlyn Capital LLC lifted its holdings in shares of First Horizon by 34.8% in the 1st quarter. Samlyn Capital LLC now owns 3,110,684 shares of the financial services provider's stock worth $60,409,000 after purchasing an additional 802,936 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of First Horizon by 16.0% in the 1st quarter. NewEdge Advisors LLC now owns 237,027 shares of the financial services provider's stock worth $4,603,000 after purchasing an additional 32,780 shares during the last quarter. Finally, Interval Partners LP lifted its holdings in shares of First Horizon by 71.1% in the 1st quarter. Interval Partners LP now owns 721,475 shares of the financial services provider's stock worth $14,011,000 after purchasing an additional 299,735 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon 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 transaction, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, 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 quarter, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wells Fargo & Company raised their price target on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Jefferies Financial Group assumed coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Bank of America raised their target price on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Stock Performance

FHN traded down $0.22 during trading hours on Friday, hitting $22.52. The company's stock had a trading volume of 9,818,628 shares, compared to its average volume of 10,587,866. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.08. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.43 billion, a PE ratio of 14.53, a PEG ratio of 1.08 and a beta of 0.67. The company has a 50-day simple moving average of $22.14 and a 200 day simple moving average of $20.23.

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 (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 company had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same period last year, the firm earned $0.36 EPS. As a group, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 38.71%.

About First Horizon

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.