Private Management Group Inc. Reduces Position in First Horizon Corporation $FHN

Private Management Group Inc. decreased its holdings in First Horizon Corporation (NYSE:FHN) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 471,491 shares of the financial services provider’s stock after selling 32,342 shares during the period. Private Management Group Inc. owned 0.10% of First Horizon worth $12,089,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kestra Investment Management LLC lifted its stake in shares of 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 valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in 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 buying an additional 1,095 shares in the last quarter. Ancora Advisors LLC purchased a new position in First Horizon in the 2nd quarter valued at approximately $42,000. Basecamp Wealth Advisors LLC raised its holdings in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares during the period. Finally, 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 valued at $48,000 after acquiring an additional 1,874 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FHN. Evercore set a $27.00 price target on First Horizon in a report on Monday, July 6th. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.26.

First Horizon Stock Performance

NYSE FHN opened at $24.66 on Friday. The company’s 50 day simple moving average is $25.46 and its two-hundred day simple moving average is $24.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The stock has a market capitalization of $11.68 billion, a PE ratio of 11.80, a P/E/G ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the business earned $0.45 EPS. 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 disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

Insider Transactions at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.91% of the company’s stock.

About First Horizon

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.