Rhumbline Advisers Reduces Stock Position in First Horizon Corporation $FHN

Rhumbline Advisers lessened its stake in First Horizon Corporation (NYSE:FHN) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,384,255 shares of the financial services provider’s stock after selling 26,257 shares during the period. Rhumbline Advisers owned approximately 0.27% of First Horizon worth $31,298,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Krilogy Financial LLC grew its holdings in shares of First Horizon by 39.4% in the third quarter. Krilogy Financial LLC now owns 16,835 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 4,754 shares during the period. ProShare Advisors LLC boosted its position in First Horizon by 92.1% in the third quarter. ProShare Advisors LLC now owns 43,192 shares of the financial services provider’s stock worth $977,000 after purchasing an additional 20,703 shares during the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of First Horizon by 2.7% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 46,451 shares of the financial services provider’s stock valued at $1,050,000 after purchasing an additional 1,226 shares during the period. Diamond Hill Capital Management Inc. grew its stake in shares of First Horizon by 2.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 493,196 shares of the financial services provider’s stock valued at $11,151,000 after purchasing an additional 10,260 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in shares of First Horizon by 119.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,503 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 2,999 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Anthony J. Restel sold 5,719 shares of the company’s 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 transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.04% of the stock is currently owned by insiders.

First Horizon Stock Up 0.2%

FHN opened at $24.58 on Monday. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s fifty day moving average is $24.41 and its 200 day moving average is $22.84. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56.

First Horizon (NYSE:FHN) last posted its quarterly 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 business had revenue of $892.00 million for the quarter, compared to analysts’ expectations 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 firm earned $0.43 earnings per share. On average, sell-side analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a share buyback plan on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. This is an increase from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon’s payout ratio is 31.91%.

Analysts Set New Price Targets

FHN has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Horizon in a research note on Tuesday, December 16th. They set a “buy” rating and a $28.00 price target on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, January 16th. Truist Financial set a $27.00 target price on First Horizon in a report on Friday, January 9th. Finally, The Goldman Sachs Group set a $27.00 target price on First Horizon and gave the company a “neutral” rating in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.

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.