Dimensional Fund Advisors LP Cuts Holdings in First Horizon Corporation $FHN

Dimensional Fund Advisors LP decreased its position in First Horizon Corporation (NYSE:FHN) by 21.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,594,802 shares of the financial services provider’s stock after selling 4,454,171 shares during the period. Dimensional Fund Advisors LP owned 3.27% of First Horizon worth $375,208,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in shares of First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in First Horizon by 156.7% in the 1st 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. Envestnet Asset Management Inc. increased its position in shares of First Horizon by 6.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 106,607 shares of the financial services provider’s stock valued at $2,260,000 after purchasing an additional 6,648 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of First Horizon by 1,579.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 1,959 shares during the period. Finally, Moors & Cabot Inc. boosted its holdings in shares of First Horizon by 2.3% in the 2nd quarter. Moors & Cabot Inc. now owns 37,375 shares of the financial services provider’s stock worth $792,000 after buying an additional 825 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.3%

First Horizon stock opened at $23.41 on Friday. The firm has a 50 day simple moving average of $24.52 and a 200 day simple moving average of $23.09. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $26.56. The firm has a market capitalization of $11.31 billion, a price-to-earnings 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 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $888.00 million during 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 earnings per share. On average, analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares of the company’s stock, 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Citigroup raised their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price target on the stock. Barclays increased their price objective on First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Finally, Keefe, Bruyette & Woods boosted their target price on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average target price of $26.66.

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.