Insider Selling: First Horizon Corporation (NYSE:FHN) EVP Sells 38,010 Shares of Stock

First Horizon Corporation (NYSE:FHN - Get Free Report) EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

First Horizon Stock Up 2.7%

FHN stock traded up $0.60 during mid-day trading on Friday, reaching $22.82. 11,995,900 shares of the company traded hands, compared to its average volume of 7,501,356. The stock has a market cap of $11.57 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 1.08 and a beta of 0.61. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a fifty-two week low of $14.34 and a fifty-two week high of $22.93. The firm's 50 day moving average price is $20.78 and its 200 day moving average price is $20.05.

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 (EPS) 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 the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.63%. First Horizon's dividend payout ratio is currently 38.71%.

Hedge Funds Weigh In On First Horizon

Several hedge funds have recently modified their holdings of the company. Millennium Management LLC lifted its position in shares of First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after buying an additional 10,763,349 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Horizon by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock worth $400,173,000 after buying an additional 97,429 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of 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 worth $244,594,000 after buying an additional 4,392,405 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 in the last quarter. Finally, Invesco Ltd. lifted its position in shares of First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after buying an additional 2,968,012 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on FHN shares. Keefe, Bruyette & Woods reduced their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Raymond James Financial restated an "outperform" rating and issued a $24.00 target price (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Citigroup raised their target price on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group started coverage on First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.28.

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.