First Horizon Corporation $FHN Shares Sold by Bleakley Financial Group LLC

Bleakley Financial Group LLC lessened its holdings in shares of First Horizon Corporation (NYSE:FHN) by 2.1% during the second quarter, HoldingsChannel reports. The fund owned 30,880 shares of the financial services provider’s stock after selling 651 shares during the period. Bleakley Financial Group LLC’s holdings in First Horizon were worth $655,000 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. Geneos Wealth Management Inc. grew its holdings in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the period. Compass Financial Services Inc acquired a new stake in First Horizon in the first quarter valued at $38,000. Quarry LP grew its holdings in First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,243 shares during the last quarter. FNY Investment Advisers LLC grew its holdings in First Horizon by 782.8% in the second quarter. FNY Investment Advisers LLC now owns 2,560 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,270 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its holdings 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 valued at $52,000 after purchasing an additional 2,658 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insiders Place Their Bets

In related news, 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 transaction, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the company a “buy” rating in a report on Wednesday, October 15th. Cowen assumed coverage on First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating on the stock. Barclays upped their target price on First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. Bank of America upped their target price on First Horizon from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Finally, Citigroup upped their target price on First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.47.

First Horizon Stock Performance

NYSE FHN opened at $20.88 on Monday. The business’s 50-day moving average price is $22.27 and its 200 day moving average price is $20.92. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.70. The company has a market capitalization of $10.60 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.84 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. During the same period in the prior year, the business posted $0.42 earnings per share. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were given a dividend of $0.15 per share. The ex-dividend date was Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.9%. First Horizon’s dividend payout ratio is 36.36%.

First Horizon Company 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.