Clearbridge Investments LLC Sells 108,206 Shares of First Horizon Corporation $FHN

Clearbridge Investments LLC cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,200,621 shares of the financial services provider’s stock after selling 108,206 shares during the quarter. Clearbridge Investments LLC’s holdings in First Horizon were worth $124,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FHN. Goldman Sachs Group Inc. grew its holdings in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of 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 valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of First Horizon by 88.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of First Horizon by 9.1% during the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after purchasing an additional 26,323 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Up 0.1%

FHN opened at $24.19 on Monday. 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 firm has a market capitalization of $11.48 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.94 and a beta of 0.60. The company’s 50 day moving average price is $23.98 and its two-hundred day moving average price is $23.81.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same period in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio is currently 34.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Barclays decreased their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Horizon presently has an average rating of “Hold” and a consensus target price of $26.45.

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.