Investors Research Corp Trims Stock Holdings in First Horizon Corporation $FHN

Investors Research Corp reduced its holdings in shares of First Horizon Corporation (NYSE:FHN) by 45.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 32,555 shares of the financial services provider’s stock after selling 27,520 shares during the period. Investors Research Corp’s holdings in First Horizon were worth $778,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Navigoe LLC bought a new position in First Horizon in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon during the third quarter worth $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon during the third quarter worth $31,000. Kestra Investment Management LLC boosted its stake in shares of 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 purchasing an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in shares of 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 purchasing an additional 1,095 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.3%

Shares of First Horizon stock opened at $21.72 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 cap of $10.37 billion, a P/E ratio of 11.55, a PEG ratio of 0.82 and a beta of 0.61. The firm’s 50 day moving average price is $24.11 and its 200-day moving average price is $23.08. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The company had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the prior year, the company posted $0.43 earnings per share. On average, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, March 13th. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is currently 36.17%.

Insider Activity at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value 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 trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

FHN has been the topic of a number of research analyst reports. TD Cowen upped their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, January 16th. Truist Financial set a $27.00 price objective on shares of First Horizon in a report on Friday, January 9th. The Goldman Sachs Group set a $27.00 target price on shares of First Horizon and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. UBS Group reaffirmed a “buy” rating and set a $29.00 target price on shares of First Horizon in a research report on Wednesday, February 4th. Finally, Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.66.

First Horizon Company 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.