First Trust Advisors LP Sells 252,438 Shares of First Horizon Corporation $FHN

First Trust Advisors LP decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 26.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 714,213 shares of the financial services provider’s stock after selling 252,438 shares during the quarter. First Trust Advisors LP’s holdings in First Horizon were worth $16,255,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Kestra Investment Management LLC lifted its position in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew 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 valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at about $51,000. Finally, Triumph Capital Management acquired a new stake in shares of First Horizon in the third quarter valued at about $77,000. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Barclays cut their price objective on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. DA Davidson reaffirmed a “neutral” rating and set a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Finally, Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and a consensus price target of $27.16.

First Horizon Price Performance

NYSE:FHN opened at $25.77 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $25.05 and its two-hundred day moving average price is $24.35. The firm has a market capitalization of $12.23 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 1.03 and a beta of 0.60. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period last year, the firm posted $0.45 earnings per share. On average, analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

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.