Savant Capital LLC Trims Position in First Horizon Corporation $FHN

Savant Capital LLC cut its position in First Horizon Corporation (NYSE:FHN) by 43.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,777 shares of the financial services provider’s stock after selling 38,075 shares during the period. Savant Capital LLC’s holdings in First Horizon were worth $1,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon in the third quarter worth $25,000. Kestra Investment Management LLC grew its stake in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 900 shares in the last quarter. Geneos Wealth Management Inc. grew its stake 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 valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its stake in First Horizon by 1,348.2% during the fourth 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 in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FHN shares. Barclays cut their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Citigroup raised their target price on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Zacks Research cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Finally, Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.45.

First Horizon Price Performance

First Horizon stock opened at $23.64 on Tuesday. The firm has a 50-day moving average price of $23.85 and a 200-day moving average price of $23.73. The firm has a market capitalization of $11.22 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $869.49 million. During the same quarter last year, the business earned $0.42 EPS. The business’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

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.