LSV Asset Management Cuts Stake in First Horizon Corporation $FHN

LSV Asset Management cut its holdings in First Horizon Corporation (NYSE:FHN) by 5.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,727,838 shares of the financial services provider’s stock after selling 730,600 shares during the period. LSV Asset Management’s holdings in First Horizon were worth $287,776,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Wellington Shields Capital Management LLC grew its holdings in First Horizon by 1.9% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after buying an additional 514 shares in the last quarter. Inspire Investing LLC boosted its position in shares of First Horizon by 3.5% during the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 624 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 635 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock valued at $541,000 after acquiring an additional 672 shares in the last quarter. Finally, Allen Capital Group LLC increased its holdings in First Horizon by 1.2% in the 3rd quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock valued at $1,376,000 after acquiring an additional 732 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Zacks Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Keefe, Bruyette & Woods lifted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, January 16th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Barclays raised their target price on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Finally, UBS Group restated a “buy” rating and issued a $29.00 price target on shares of First Horizon in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $26.63.

First Horizon Stock Down 2.7%

Shares of FHN opened at $24.96 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $24.34 and a 200 day moving average of $22.81. The company has a market cap of $12.29 billion, a PE ratio of 13.28, a P/E/G ratio of 0.97 and a beta of 0.63. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $26.56.

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

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon’s payout ratio is 31.91%.

First Horizon declared that its board has initiated a share buyback plan on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.87% of the stock is owned by company insiders.

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.