First Horizon Corporation $FHN Stock Sold by Artemis Investment Management LLP

Artemis Investment Management LLP lessened its holdings in First Horizon Corporation (NYSE:FHN) by 9.1% during the third quarter, Holdings Channel.com reports. The firm owned 6,523,146 shares of the financial services provider’s stock after selling 653,676 shares during the quarter. First Horizon accounts for 1.2% of Artemis Investment Management LLP’s investment portfolio, making the stock its 21st largest holding. Artemis Investment Management LLP’s holdings in First Horizon were worth $150,163,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of America Corp DE purchased a new position in First Horizon during the 2nd quarter valued at about $96,739,000. Renaissance Technologies LLC grew its position in shares of First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after buying an additional 330,800 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in shares of First Horizon in the 2nd quarter worth approximately $1,616,000. Deutsche Bank AG purchased a new position in shares of First Horizon during the second quarter valued at approximately $1,175,000. Finally, Vise Technologies Inc. purchased a new position in shares of First Horizon during the second quarter valued at approximately $3,327,000. 80.28% of the stock is owned by institutional investors.

Insider Transactions at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FHN has been the subject of a number of research analyst reports. Fundamental Research set a $28.50 price target on First Horizon in a research note on Wednesday, July 1st. Wells Fargo & Company reduced their price objective on shares of First Horizon from $28.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 30th. Evercore restated a “hold” rating and issued a $25.00 price objective on shares of First Horizon in a report on Thursday, October 1st. Hovde Group began coverage on shares of First Horizon in a research note on Thursday, September 17th. They set a “market perform” rating and a $25.00 target price on the stock. Finally, UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.07.

First Horizon Stock Up 0.6%

Shares of NYSE FHN traded up $0.13 during mid-day trading on Thursday, hitting $23.12. 1,512,720 shares of the stock traded hands, compared to its average volume of 5,323,847. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 0.93 and a beta of 0.61. The stock has a fifty day moving average price of $24.54 and a 200-day moving average price of $24.50. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the company earned $0.45 earnings per share. Research analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.