Principal Financial Group Inc. Sells 46,860 Shares of First Horizon Corporation $FHN

Principal Financial Group Inc. cut its position in shares of First Horizon Corporation (NYSE:FHN) by 1.5% during the third quarter, HoldingsChannel.com reports. The firm owned 2,996,979 shares of the financial services provider’s stock after selling 46,860 shares during the period. Principal Financial Group Inc.’s holdings in First Horizon were worth $67,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Shields Capital Management LLC increased its holdings in First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after buying an additional 514 shares during the period. Inspire Investing LLC boosted its position in shares of First Horizon by 3.5% during the 2nd quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 624 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of First Horizon by 57.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 635 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in First Horizon by 2.9% in the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock valued at $541,000 after acquiring an additional 672 shares during the period. Finally, Allen Capital Group LLC raised its position in First Horizon by 1.2% in the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock worth $1,376,000 after purchasing an additional 732 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FHN has been the topic of a number of recent research reports. UBS Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of First Horizon in a report on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft began coverage on First Horizon in a research note on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price target on the stock. DA Davidson upped their price target on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Royal Bank Of Canada reissued an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a report on Monday, January 12th. Finally, Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the stock a “buy” rating in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.58.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $25.72 on Wednesday. The business has a fifty day moving average of $23.94 and a 200-day moving average of $22.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $25.79. The firm has a market cap of $12.66 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The firm had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s dividend payout ratio is presently 31.91%.

First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction on Thursday, January 29th. The shares were 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 directly owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.04% of the stock is currently owned by corporate insiders.

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.