First Horizon Corporation $FHN Shares Sold by KMG Fiduciary Partners LLC

KMG Fiduciary Partners LLC reduced its stake in First Horizon Corporation (NYSE:FHN) by 21.9% in the second quarter, HoldingsChannel reports. The fund owned 23,826 shares of the financial services provider’s stock after selling 6,664 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in First Horizon were worth $505,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Radnor Capital Management LLC lifted its stake in First Horizon by 4.3% during the second quarter. Radnor Capital Management LLC now owns 30,925 shares of the financial services provider’s stock valued at $656,000 after purchasing an additional 1,275 shares during the last quarter. Davis Investment Partners LLC raised its holdings in shares of First Horizon by 10.6% during the second quarter. Davis Investment Partners LLC now owns 25,769 shares of the financial services provider’s stock valued at $554,000 after acquiring an additional 2,469 shares during the period. Compass Financial Services Inc acquired a new stake in shares of First Horizon during the first quarter valued at approximately $38,000. Invst LLC acquired a new stake in shares of First Horizon during the first quarter valued at approximately $657,000. Finally, Strs Ohio acquired a new stake in shares of First Horizon during the first quarter valued at approximately $6,281,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

FHN stock opened at $23.23 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.25. The firm has a 50 day moving average of $22.19 and a two-hundred day moving average of $20.27.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon’s payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Raymond James Financial reiterated an “outperform” rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Bank of America upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Truist Financial upped their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $23.34.

Insider Activity at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares of the company’s stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president directly owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last three months. Insiders own 0.87% of the company’s stock.

First Horizon 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.