First Horizon Corporation $FHN Stock: Knights of Columbus Asset Advisors LLC Reduces Stake

Knights of Columbus Asset Advisors LLC reduced its position in First Horizon Corporation (NYSE:FHN) by 38.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 137,566 shares of the financial services provider’s stock after selling 85,160 shares during the period. Knights of Columbus Asset Advisors LLC’s holdings in First Horizon were worth $3,167,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Ancora Advisors LLC bought a new position in First Horizon during the 2nd quarter valued at about $42,000. Basecamp Wealth Advisors LLC boosted its holdings in shares of First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of First Horizon by 58.1% in the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 864 shares during the period. Transamerica Financial Advisors LLC bought a new stake in shares of First Horizon in the second quarter worth approximately $70,000. Finally, Parallel Advisors LLC raised its holdings in shares of First Horizon by 29.4% during the first quarter. Parallel Advisors LLC now owns 3,740 shares of the financial services provider’s stock valued at $85,000 after purchasing an additional 850 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

Shares of NYSE FHN opened at $23.58 on Thursday. The firm has a 50 day moving average of $23.55 and a 200 day moving average of $24.25. The company has a current ratio of 0.97, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 0.98 and a beta of 0.62. First Horizon Corporation has a 12-month low of $20.40 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. The company had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.18 million. During the same period in the previous year, the business earned $0.51 earnings per share. On average, research analysts anticipate that First Horizon Corporation will post 2.14 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, December 11th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, December 11th. First Horizon’s dividend payout ratio (DPR) is presently 48.92%.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the 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 owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FHN shares. Hovde Group initiated coverage on shares of First Horizon in a research report on Thursday, September 17th. They set a “market perform” rating and a $25.00 price objective on the stock. Truist Financial lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, October 19th. Wells Fargo & Company boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday. UBS Group reiterated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Finally, Citigroup lowered their price target on First Horizon from $28.50 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and an average target price of $27.12.

About First Horizon

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established. Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management. The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.