Sumitomo Mitsui Trust Holdings Inc. reduced its stake in First Horizon Co. (NYSE: FHN – Get a rating) by 64.8% in the 1st quarter, HoldingsChannel reports. The fund held 45,894 shares of the financial services provider after selling 84,590 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in First Horizon were worth $1,078,000 at the end of last quarter.
Several other institutional investors and hedge funds have also recently increased or reduced their stakes in the company. BlackRock Inc. increased its position in First Horizon by 3.8% in the fourth quarter. BlackRock Inc. now owns 61,543,301 shares of the financial services provider valued at $1,005,002,000 after acquiring an additional 2,274,413 shares during the period. JPMorgan Chase & Co. increased its position in First Horizon shares by 124.8% during the fourth quarter. JPMorgan Chase & Co. now owns 28,872,551 shares of the financial services provider worth $471,488,000 after purchasing an additional 16,028,243 shares during the period. LSV Asset Management increased its position in First Horizon shares by 1.8% during the fourth quarter. LSV Asset Management now owns 15,147,418 shares of the financial services provider worth $247,357,000 after purchasing an additional 269,586 shares during the period. Segantii Capital Management Ltd acquired a new equity stake in First Horizon during the first quarter valued at $253,190,000. Finally, Charles Schwab Investment Management Inc. increased its position in First Horizon shares by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,524,104 shares of the financial services provider worth $171,859,000 after purchasing an additional 130,689 shares during the period. 79.64% of the shares are currently held by institutional investors and hedge funds.
First horizon stock down 0.4%
Shares of NYSE FHN opened at $22.17 on Friday. First Horizon Co. has a 12-month low of $14.67 and a 12-month high of $24.24. The company has a market capitalization of $11.85 billion, a PE ratio of 15.40, a P/E/G ratio of 2.84 and a beta of 1.10. The company’s fifty-day simple moving average is $22.10 and its 200-day simple moving average is $21.31. The company has a quick ratio of 0.94, a current ratio of 0.95 and a leverage ratio of 0.21.
Prime Horizon (NYSE: FHN – Get a rating) last released its quarterly earnings data on Tuesday, July 19. The financial services provider reported earnings per share of $0.34 for the quarter, missing analyst consensus estimates of $0.35 per ($0.01). First Horizon had a net margin of 26.78% and a return on equity of 12.13%. In the same quarter a year earlier, the company earned $0.58 per share. As a group, sell-side analysts expect First Horizon Co. to post earnings per share of 1.51 for the current fiscal year.
First Horizon Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1. Shareholders of record on Friday, June 10 received a dividend of $0.15. This represents a dividend of $0.60 on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Thursday, June 9. First Horizon’s dividend payout ratio (DPR) is 41.67%.
Insider Buying and Selling at First Horizon
In other First Horizon news, an insider Anthony J. Restel sold 153,574 shares of the company in a trade on Friday, May 27. The shares were sold at an average price of $23.01, for a total value of $3,533,737.74. Following the transaction, the insider now directly owns 459,925 shares of the company, valued at $10,582,874.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Separately, Chairman Daryl G. Byrd sold 110,773 shares of the company in a transaction dated Friday, June 3. The shares were sold at an average price of $22.91, for a total transaction of $2,537,809.43. Following the transaction, the president now directly owns 1,732,685 shares of the company, valued at $39,695,813.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Additionally, insider Anthony J. Restel sold 153,574 shares of the company in a trade dated Friday, May 27. The shares were sold at an average price of $23.01, for a total transaction of $3,533,737.74. Following the transaction, the insider now directly owns 459,925 shares of the company, valued at $10,582,874.25. Disclosure of this sale can be found here. Over the past three months, insiders have sold 425,281 shares of the company valued at $9,732,053. Company insiders own 1.55% of the company’s shares.
Analyst upgrades and downgrades
FHN has been the subject of several recent analyst reports. StockNews.com cut First Horizon’s shares from a “hold” to a “sell” rating in a Friday, April 15 research report. Truist Financial raised its price target on First Horizon shares to $25.00 in a Friday, June 3 research report. One equity research analyst rated the stock with a sell rating and nine issued a hold rating for the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.00.
About Premier Horizon
First Horizon Corporation operates as a bank holding company for First Horizon Bank which provides various financial services. The Company operates through three segments: Regional Bank, Specialized Bank and Corporate. It provides general banking services to consumers, businesses, financial institutions and governments.
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