First Horizon Corporation $FHN Shares Sold by Private Management Group Inc.

Private Management Group Inc. trimmed its holdings in First Horizon Corporation (NYSE:FHN) by 25.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 514,704 shares of the financial services provider’s stock after selling 172,283 shares during the period. Private Management Group Inc.’s holdings in First Horizon were worth $12,301,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kestra Investment Management LLC raised its holdings in First Horizon by 873.1% during 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 period. Geneos Wealth Management Inc. raised its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,874 shares during the period. Los Angeles Capital Management LLC acquired a new stake in First Horizon during the 4th quarter worth about $51,000. Finally, Bessemer Group Inc. raised its holdings in First Horizon by 51.5% during the 3rd quarter. Bessemer Group Inc. now owns 3,243 shares of the financial services provider’s stock worth $74,000 after buying an additional 1,103 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on FHN. Keefe, Bruyette & Woods boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Wells Fargo & Company boosted 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, March 30th. Finally, DA Davidson restated a “neutral” rating and set a $26.00 price objective on shares of First Horizon in a report on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Hold” and an average price target of $26.45.

First Horizon Price Performance

Shares of FHN opened at $24.98 on Friday. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 12.49, a P/E/G ratio of 0.97 and a beta of 0.60. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The business’s 50-day moving average is $24.16 and its 200-day moving average is $23.90.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. Equities research analysts expect that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.17 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s dividend payout ratio is currently 34.00%.

First Horizon Company 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.