Private Management Group Inc. Sells 32,342 Shares of First Horizon Corporation $FHN

Private Management Group Inc. lessened its stake in First Horizon Corporation (NYSE:FHN) by 6.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 471,491 shares of the financial services provider’s stock after selling 32,342 shares during the period. Private Management Group Inc.’s holdings in First Horizon were worth $12,089,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHN. William Blair Investment Management LLC grew its position in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Renaissance Technologies LLC raised its position in First Horizon by 158.0% during the first quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock valued at $12,295,000 after purchasing an additional 330,800 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in First Horizon during the second quarter valued at about $1,616,000. Vise Technologies Inc. bought a new stake in First Horizon during the second quarter worth about $3,327,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new stake in First Horizon during the second quarter worth about $10,061,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FHN shares. Truist Financial upped their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Raymond James Financial boosted their target price on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research report on Wednesday, July 1st. Finally, Wells Fargo & Company started coverage on shares of First Horizon in a research note on Monday, August 10th. They set an “equal weight” rating and a $28.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $27.26.

First Horizon Trading Up 1.0%

NYSE FHN opened at $24.66 on Friday. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $25.46 and a 200-day moving average of $24.46. The firm has a market cap of $11.68 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period last year, the company earned $0.45 EPS. As a group, sell-side analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

Insider Buying and Selling at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.91% of the company’s stock.

First Horizon Company Profile

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.