Sentry LLC Trims Stock Holdings in First Horizon Corporation $FHN

Sentry LLC lowered its holdings in First Horizon Corporation (NYSE:FHN) by 11.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,089 shares of the financial services provider’s stock after selling 3,380 shares during the period. Sentry LLC’s holdings in First Horizon were worth $574,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FNY Investment Advisers LLC boosted its holdings in First Horizon by 782.8% in the second quarter. FNY Investment Advisers LLC now owns 2,560 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,270 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in First Horizon by 107.5% in the second quarter. Cullen Frost Bankers Inc. now owns 4,150 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 2,150 shares during the last quarter. Whittier Trust Co. purchased a new position in First Horizon in the second quarter valued at about $148,000. DekaBank Deutsche Girozentrale purchased a new position in First Horizon in the second quarter valued at about $113,000. Finally, Chicago Partners Investment Group LLC purchased a new position in First Horizon in the second quarter valued at about $215,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity

In related news, EVP David T. Popwell sold 100,000 shares of the firm’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 sale, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.04% of the company’s stock.

First Horizon Trading Up 1.2%

Shares of NYSE FHN opened at $20.79 on Wednesday. The company has a market cap of $10.55 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 0.84 and a beta of 0.67. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $23.70. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s 50 day simple moving average is $22.35 and its 200 day simple moving average is $20.81.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS. Equities research analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is 36.36%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FHN. Wells Fargo & Company cut their price objective on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Truist Financial upped their price objective on First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. cut their price objective on First Horizon from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, October 16th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Keefe, Bruyette & Woods cut their price objective on First Horizon from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.47.

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.