First Horizon (NYSE:FHN) EVP David Popwell Sells 100,000 Shares of Stock

First Horizon Corporation (NYSE:FHN) EVP David Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

First Horizon Price Performance

NYSE FHN traded up $0.21 on Tuesday, reaching $22.71. The company had a trading volume of 11,226,893 shares, compared to its average volume of 6,632,807. 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 stock has a market capitalization of $11.53 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.07 and a beta of 0.65. The firm’s 50 day moving average price is $21.60 and its 200 day moving average price is $20.12. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.00.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the previous year, the firm posted $0.36 EPS. As a group, equities analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, September 12th. First Horizon’s dividend payout ratio is presently 38.71%.

Institutional Investors Weigh In On First Horizon

Several large investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its position in shares of First Horizon by 102.3% in the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of First Horizon by 496.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock valued at $165,199,000 after purchasing an additional 6,827,040 shares during the last quarter. Norges Bank purchased a new stake in shares of First Horizon in the 2nd quarter valued at approximately $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after purchasing an additional 4,392,405 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of First Horizon in the 2nd quarter valued at approximately $79,776,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FHN has been the subject of several research reports. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday. Truist Financial increased their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, July 11th. Bank of America increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research note on Tuesday, July 1st. Finally, Barclays increased their price objective on shares of First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.34.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.