First Horizon Corporation $FHN Shares Sold by Leeward Investments LLC MA

Leeward Investments LLC MA trimmed its holdings in shares of First Horizon Corporation (NYSE:FHN) by 2.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,727,859 shares of the financial services provider’s stock after selling 48,044 shares during the period. First Horizon accounts for 2.0% of Leeward Investments LLC MA’s portfolio, making the stock its 3rd biggest position. Leeward Investments LLC MA owned approximately 0.34% of First Horizon worth $39,067,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Navigoe LLC acquired a new stake in First Horizon during the third quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new position in shares of First Horizon during the third quarter valued at approximately $25,000. Root Financial Partners LLC acquired a new stake in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC lifted its holdings in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FHN has been the topic of several analyst reports. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $28.00 price objective on shares of First Horizon in a report on Monday, January 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a research note on Monday, December 29th. JPMorgan Chase & Co. upped their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Finally, Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.63.

Insider Activity

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.

First Horizon Price Performance

Shares of NYSE FHN opened at $24.58 on Friday. The firm has a 50-day moving average of $24.41 and a two-hundred day moving average of $22.84. The company has a market capitalization of $12.10 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 0.93 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period in the prior year, the business earned $0.43 earnings per share. As a group, analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is presently 31.91%.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.