First Horizon Corporation $FHN Shares Sold by LSV Asset Management

LSV Asset Management lessened its stake in shares of First Horizon Corporation (NYSE:FHN) by 4.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 12,169,682 shares of the financial services provider’s stock after selling 558,156 shares during the period. LSV Asset Management’s holdings in First Horizon were worth $290,855,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of First Horizon by 313.2% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after acquiring an additional 47,119 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of First Horizon during the 3rd quarter valued at $6,416,000. Andrew Hill Investment Advisors Inc. acquired a new stake in shares of First Horizon during the 4th quarter valued at $7,059,000. Hudson Bay Capital Management LP acquired a new stake in shares of First Horizon during the 3rd quarter valued at $13,792,000. Finally, Victory Capital Management Inc. lifted its position in shares of First Horizon by 18.0% during the 3rd quarter. Victory Capital Management Inc. now owns 3,233,074 shares of the financial services provider’s stock valued at $73,100,000 after acquiring an additional 492,888 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

FHN opened at $24.26 on Friday. The stock has a fifty day moving average of $23.57 and a 200-day moving average of $23.61. The firm has a market capitalization of $11.51 billion, a P/E ratio of 12.13, a PEG ratio of 0.94 and a beta of 0.62. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. During the same quarter in the prior year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts forecast that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio is 34.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FHN. UBS Group downgraded First Horizon from a “buy” rating to a “neutral” rating and cut their price objective for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. JPMorgan Chase & Co. reduced their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Citigroup increased their target price on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a report on Thursday, April 16th. Finally, Wells Fargo & Company increased their target price on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus price target of $26.45.

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.