KLP Kapitalforvaltning AS decreased its stake in First Horizon Corporation (NYSE:FHN – Free Report) by 2.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 123,600 shares of the financial services provider’s stock after selling 2,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in First Horizon were worth $2,636,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the stock. HighTower Advisors LLC boosted its position in shares of First Horizon by 1.0% in the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock worth $1,175,000 after buying an additional 575 shares during the period. Signaturefd LLC boosted its holdings in First Horizon by 4.8% in the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock valued at $270,000 after purchasing an additional 635 shares during the last quarter. Greenleaf Trust boosted its holdings in First Horizon by 3.9% in the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 779 shares during the last quarter. Summit Asset Management LLC boosted its holdings in First Horizon by 4.5% in the first quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 788 shares during the last quarter. Finally, Callan Family Office LLC boosted its holdings in First Horizon by 4.9% in the first quarter. Callan Family Office LLC now owns 17,599 shares of the financial services provider’s stock valued at $342,000 after purchasing an additional 818 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on FHN shares. Barclays increased their price target on First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank Of Canada increased their price target on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a report on Friday. Raymond James Financial set a $25.00 price target on First Horizon and gave the company an “outperform” rating in a report on Tuesday. Truist Financial increased their price target on First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. increased their price target on First Horizon from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.94.
Insider Activity at First Horizon
In related news, COO Tammy Locascio sold 10,285 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the firm’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 completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 148,295 shares of company stock worth $3,322,663. Company insiders own 0.87% of the company’s stock.
First Horizon Trading Down 4.8%
NYSE:FHN opened at $22.30 on Friday. 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’s 50 day moving average is $22.41 and its two-hundred day moving average is $20.69. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.63. The company has a market cap of $11.32 billion, a PE ratio of 14.39, a P/E/G ratio of 1.04 and a beta of 0.67.
First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter last year, the business posted $0.36 EPS. On average, analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.
First Horizon Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors 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 annualized dividend and a dividend yield of 2.7%. First Horizon’s dividend payout ratio (DPR) is 38.71%.
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.
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