Yousif Capital Management LLC Trims Stock Position in First Horizon Corporation $FHN

Yousif Capital Management LLC reduced its stake in shares of First Horizon Corporation (NYSE:FHN) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 177,332 shares of the financial services provider’s stock after selling 8,996 shares during the quarter. Yousif Capital Management LLC’s holdings in First Horizon were worth $3,759,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. increased its stake in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of First Horizon in the 1st quarter worth $38,000. Quarry LP grew its position in First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,243 shares during the period. Golden State Wealth Management LLC grew its position in First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,658 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of First Horizon in the first quarter valued at $73,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 9.4%

Shares of NYSE FHN opened at $20.86 on Thursday. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $23.70. The firm has a fifty day moving average of $22.44 and a 200-day moving average of $20.74. The stock has a market capitalization of $10.59 billion, a PE ratio of 13.45, a P/E/G ratio of 0.96 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.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $849.00 million during the quarter, compared to analysts’ expectations of $848.08 million. During the same period in the previous year, the company earned $0.42 EPS. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were issued a $0.15 dividend. The ex-dividend date was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.9%. First Horizon’s payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FHN shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Horizon in a research note on Wednesday, October 8th. Wells Fargo & Company raised their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Cowen began coverage on First Horizon in a report on Wednesday, September 24th. They set a “hold” rating on the stock. JPMorgan Chase & Co. raised their price target on First Horizon from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, October 1st. Finally, Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the sale, the executive vice president 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. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 in the last quarter. 0.87% of the stock is currently owned by company insiders.

About First Horizon

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.