Rhumbline Advisers Sells 26,257 Shares of First Horizon Corporation $FHN

Rhumbline Advisers decreased its position in First Horizon Corporation (NYSE:FHN) by 1.9% during the third quarter, HoldingsChannel.com reports. The fund owned 1,384,255 shares of the financial services provider’s stock after selling 26,257 shares during the quarter. Rhumbline Advisers’ holdings in First Horizon were worth $31,298,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FHN. Navigoe LLC purchased a new position in shares of First Horizon in the third quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new position in First Horizon during the third quarter valued at $25,000. Root Financial Partners LLC purchased a new position in shares of First Horizon in the 3rd quarter worth $31,000. Kestra Investment Management LLC increased its holdings in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings 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 acquiring an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.04% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on FHN shares. DA Davidson boosted their price objective on First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. National Bank Financial set a $27.00 target price on First Horizon in a research report on Friday, January 16th. Truist Financial set a $27.00 price target on First Horizon in a research report on Friday, January 9th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a research note on Monday, January 12th. Finally, Raymond James Financial increased their target price on shares of First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

First Horizon Price Performance

FHN opened at $24.58 on Monday. The business has a fifty day moving average of $24.41 and a 200 day moving average of $22.84. The stock has a market cap of $12.10 billion, a P/E ratio of 13.07, a PEG ratio of 0.93 and a beta of 0.63. 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 Corporation has a 52-week low of $15.19 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period last year, the company earned $0.43 earnings per share. As a group, sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its Board of Directors has authorized a share buyback plan on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a $0.17 dividend. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio is presently 31.91%.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.