Keybank National Association OH Decreases Stock Holdings in First Horizon Corporation $FHN

Keybank National Association OH decreased its holdings in First Horizon Corporation (NYSE:FHN) by 26.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 49,799 shares of the financial services provider’s stock after selling 17,733 shares during the period. Keybank National Association OH’s holdings in First Horizon were worth $1,056,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in First Horizon by 53.5% during the first 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 acquiring an additional 4,392,405 shares during the last quarter. Invesco Ltd. increased its position in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after acquiring an additional 2,968,012 shares during the last quarter. Sculptor Capital LP increased its position in First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock valued at $94,517,000 after acquiring an additional 1,806,000 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in First Horizon during the second quarter valued at $79,776,000. Finally, Victory Capital Management Inc. increased its position in First Horizon by 17.8% during the first quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider’s stock valued at $61,953,000 after acquiring an additional 483,144 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $21.39 on Monday. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.67. 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 price of $22.17 and a 200-day moving average price of $21.07. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $849.00 million during 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 business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio is 36.36%.

First Horizon announced that its board has approved a share repurchase program on Monday, October 27th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Royal Bank Of Canada upped their price objective on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. 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 report on Wednesday, September 24th. Robert W. Baird set a $25.00 price objective on First Horizon in a research report on Wednesday, October 15th. TD Cowen initiated coverage on First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 price objective for the company. Finally, 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 report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.47.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.87% of the stock is currently owned by company insiders.

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.