Alyeska Investment Group L.P. Trims Stock Holdings in First Horizon Corporation $FHN

Alyeska Investment Group L.P. lessened its holdings in shares of First Horizon Corporation (NYSE:FHN) by 6.3% in the first quarter, Holdings Channel.com reports. The firm owned 2,177,272 shares of the financial services provider’s stock after selling 145,295 shares during the period. Alyeska Investment Group L.P.’s holdings in First Horizon were worth $42,283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Byrne Asset Management LLC increased its holdings in First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Quarry LP increased its holdings in First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,243 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,658 shares during the last quarter. Versant Capital Management Inc increased its holdings in First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 1,975 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in First Horizon during the 1st quarter worth approximately $73,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of FHN stock opened at $22.46 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 50 day moving average of $21.98 and a two-hundred day moving average of $20.17. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00. The company has a market cap of $11.40 billion, a P/E ratio of 14.49, a PEG ratio of 1.07 and a beta of 0.67.

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

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon’s payout ratio is currently 38.71%.

Analyst Ratings Changes

Several equities research analysts have issued reports on FHN shares. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, August 23rd. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a report on Tuesday, July 1st. Truist Financial boosted their price objective on First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, July 11th. Raymond James Financial reissued an “outperform” rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Finally, Jefferies Financial Group assumed coverage on First Horizon in a report on Wednesday, May 21st. They issued a “buy” rating and a $25.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $23.34.

Insider Activity at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,295 shares of company stock valued at $3,322,663. Insiders own 1.04% of the company’s stock.

About First Horizon

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.