First Horizon Corporation $FHN Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 1.4% during the first quarter, Holdings Channel.com reports. The fund owned 3,796,109 shares of the financial services provider’s stock after selling 52,979 shares during the period. Principal Financial Group Inc.’s holdings in First Horizon were worth $86,399,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. raised its position in First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after buying an additional 426,951 shares during the last quarter. Norges Bank purchased a new stake in First Horizon in the fourth quarter valued at $153,942,000. William Blair Investment Management LLC boosted its holdings in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after purchasing an additional 116,191 shares during the last quarter. Morgan Stanley grew its position in First Horizon by 10.4% during the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock worth $124,580,000 after purchasing an additional 491,464 shares during the period. Finally, Freestone Grove Partners LP raised its stake in shares of First Horizon by 25.3% during the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock valued at $108,267,000 after buying an additional 967,219 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of First Horizon stock opened at $24.95 on Thursday. The firm has a market cap of $11.84 billion, a PE ratio of 12.47, a P/E/G ratio of 1.00 and a beta of 0.60. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $24.72 and a 200 day moving average price of $24.25.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $890.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the business posted $0.45 earnings per share. Sell-side analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were given a dividend of $0.17 per share. The ex-dividend date was 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 (DPR) is 34.00%.

Key Stories Impacting First Horizon

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon reported second-quarter EPS of $0.54, topping expectations of $0.52, while revenue of $890 million also exceeded estimates. Net income available to common shareholders rose 12% year over year to $260 million, reflecting improved headline profitability. Article Title
• Positive Sentiment: Management’s results showed stronger earnings and higher profitability than a year ago, which supports the case that the bank is executing well operationally. Article Title
• Neutral Sentiment: Unusual call-option activity suggested some traders were positioning for upside ahead of the results, but that flow alone does not confirm a lasting shift in fundamentals.
• Neutral Sentiment: One commentary noted the stock still looks fairly valued near current levels, with solid credit quality but some concern that reserve levels and deposit mix could limit near-term upside. Article Title
• Negative Sentiment: Investors appear focused on deposit and funding-cost pressure, including reliance on more expensive brokered funding, which can compress net interest margin and weigh on future earnings growth. Article Title

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore set a $27.00 price objective on First Horizon in a report on Monday, July 6th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. JPMorgan Chase & Co. lifted their price target on First Horizon from $26.00 to $28.50 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Fundamental Research set a $28.50 price target on First Horizon in a report on Wednesday, July 1st. Finally, Raymond James Financial upped their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, First Horizon currently has a consensus rating of “Hold” and an average target price of $27.12.

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.