First Horizon Corporation $FHN Shares Sold by Bleakley Financial Group LLC

Bleakley Financial Group LLC cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 2.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,880 shares of the financial services provider’s stock after selling 651 shares during the quarter. Bleakley Financial Group LLC’s holdings in First Horizon were worth $655,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its stake in First Horizon by 2.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock worth $1,496,000 after purchasing an additional 1,481 shares during the last quarter. Cerity Partners LLC lifted its stake in First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock worth $2,458,000 after purchasing an additional 22,852 shares during the last quarter. Brown Advisory Inc. lifted its stake in First Horizon by 13.3% during the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock worth $1,341,000 after purchasing an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC lifted its stake in First Horizon by 713.3% during the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock worth $2,933,000 after purchasing an additional 132,481 shares during the last quarter. Finally, Baird Financial Group Inc. purchased a new stake in First Horizon during the first quarter worth approximately $7,506,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity

In other news, 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. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FHN shares. Evercore ISI restated an “in-line” rating and set a $20.00 target price (down previously from $26.00) on shares of First Horizon 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. Truist Financial boosted their target price on First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. reduced their price objective on First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. Finally, Raymond James Financial set a $23.00 price objective on First Horizon in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

First Horizon Trading Up 1.6%

NYSE:FHN opened at $20.88 on Monday. The firm has a market cap of $10.60 billion, a P/E ratio of 12.65, a PEG ratio of 0.84 and a beta of 0.67. 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 $22.27 and its 200-day simple moving average is $20.92. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $23.70.

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

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s payout ratio is presently 36.36%.

First Horizon 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.