Hotchkis & Wiley Capital Management LLC Lowers Position in First Horizon Corporation $FHN

Hotchkis & Wiley Capital Management LLC trimmed its stake in First Horizon Corporation (NYSE:FHN) by 63.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 188,626 shares of the financial services provider’s stock after selling 330,364 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in First Horizon were worth $3,663,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. grew 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 buying an additional 1,481 shares during the period. Cerity Partners LLC grew 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 buying an additional 22,852 shares during the period. Brown Advisory Inc. grew 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 buying an additional 8,110 shares during the period. Cary Street Partners Financial LLC grew 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 buying an additional 132,481 shares during the period. Finally, SG Americas Securities LLC grew its stake in First Horizon by 286.9% during the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock worth $1,230,000 after buying an additional 46,975 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on FHN. Raymond James Financial reiterated an “outperform” rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Bank of America boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Citigroup boosted their price objective on shares of First Horizon from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.28.

First Horizon Price Performance

Shares of FHN stock opened at $22.49 on Tuesday. The company has a market capitalization of $11.42 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.65. The firm has a fifty day simple moving average of $21.60 and a 200-day simple moving average of $20.12. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.7%. First Horizon’s dividend payout ratio is currently 38.71%.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the sale, the executive vice president directly owned 550,011 shares of the company’s stock, valued at $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.04% of the company’s stock.

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.