Dimensional Fund Advisors LP Sells 4,454,171 Shares of First Horizon Corporation $FHN

Dimensional Fund Advisors LP lessened its holdings in First Horizon Corporation (NYSE:FHN) by 21.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 16,594,802 shares of the financial services provider’s stock after selling 4,454,171 shares during the quarter. Dimensional Fund Advisors LP’s holdings in First Horizon were worth $375,208,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. LSV Asset Management raised its holdings in shares of First Horizon by 5.0% in the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after acquiring an additional 646,060 shares in the last quarter. Invesco Ltd. increased its position in shares of First Horizon by 3.8% in the second quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider’s stock worth $148,632,000 after purchasing an additional 255,429 shares during the last quarter. JPMorgan Chase & Co. raised its stake in First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after purchasing an additional 2,091,865 shares in the last quarter. Norges Bank bought a new stake in First Horizon during the second quarter valued at approximately $131,399,000. Finally, William Blair Investment Management LLC lifted its position in First Horizon by 38.7% during the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after purchasing an additional 1,456,820 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.3%

FHN opened at $23.41 on Friday. First Horizon Corporation has a 12 month low of $15.19 and a 12 month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $24.52 and its 200-day moving average price is $23.09. The company has a market cap of $11.31 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.89 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period last year, the company earned $0.43 EPS. On average, equities analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. First Horizon’s payout ratio is presently 31.91%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a research report on Monday, January 12th. TD Cowen increased their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, January 16th. JPMorgan Chase & Co. lifted their price target on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Barclays upped their price objective on First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Finally, Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average target price of $26.66.

Insider Buying and Selling

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is owned by corporate insiders.

First Horizon 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.