IFP Advisors Inc Sells 1,682 Shares of First Horizon Corporation $FHN

IFP Advisors Inc decreased its position in First Horizon Corporation (NYSE:FHN) by 28.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,295 shares of the financial services provider’s stock after selling 1,682 shares during the quarter. IFP Advisors Inc’s holdings in First Horizon were worth $91,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after acquiring an additional 4,392,405 shares in the last quarter. Invesco Ltd. grew its stake in shares of First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. Sculptor Capital LP grew its stake in shares of First Horizon by 59.0% in the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock worth $94,517,000 after acquiring an additional 1,806,000 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of First Horizon by 17.8% in the 1st quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider’s stock worth $61,953,000 after acquiring an additional 483,144 shares in the last quarter. Finally, Samlyn Capital LLC grew its stake in shares of First Horizon by 34.8% in the 1st quarter. Samlyn Capital LLC now owns 3,110,684 shares of the financial services provider’s stock worth $60,409,000 after acquiring an additional 802,936 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were 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 $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.04% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FHN has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Royal Bank Of Canada raised their price objective on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Wells Fargo & Company decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday. Evercore ISI restated an “in-line” rating and set a $20.00 price objective (down previously from $26.00) on shares of First Horizon in a report on Thursday. Finally, Robert W. Baird set a $25.00 price objective on shares of First Horizon in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.47.

First Horizon Price Performance

NYSE FHN opened at $20.28 on Monday. The company has a market cap of $10.30 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.70. 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 firm’s 50-day simple moving average is $22.39 and its two-hundred day simple moving average is $20.78.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. Research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 3.0%. First Horizon’s dividend payout ratio is 36.36%.

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.