Corebridge Financial Inc. Has $12.08 Million Position in First Horizon Co. (NYSE:FHN)

Corebridge Financial Inc. lessened its holdings in First Horizon Co. (NYSE:FHN) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 599,884 shares of the financial services provider’s stock after selling 33,907 shares during the period. Corebridge Financial Inc.’s holdings in First Horizon were worth $12,082,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. Bank of New York Mellon Corp grew its stake in shares of First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after purchasing an additional 7,715,191 shares during the period. State Street Corp grew its position in First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares during the period. Geode Capital Management LLC raised its stake in First Horizon by 0.7% during the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after acquiring an additional 61,397 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of First Horizon during the fourth quarter valued at $102,467,000. Finally, Amundi boosted its stake in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after purchasing an additional 2,683,746 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Stephens reaffirmed an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Barclays lifted their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. JPMorgan Chase & Co. increased their price target on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $22.23.

First Horizon Stock Performance

First Horizon stock opened at $19.77 on Wednesday. The company has a market cap of $10.16 billion, a PE ratio of 14.54, a PEG ratio of 1.19 and a beta of 0.86. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company’s 50-day moving average is $20.77 and its two-hundred day moving average is $19.28.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period last year, the company earned $0.32 EPS. Equities analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.03%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

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.