Choreo LLC Cuts Position in First Horizon Corporation $FHN

Choreo LLC decreased its position in First Horizon Corporation (NYSE:FHN) by 65.5% during the 3rd quarter, Holdings Channel reports. The fund owned 16,296 shares of the financial services provider’s stock after selling 30,886 shares during the quarter. Choreo LLC’s holdings in First Horizon were worth $371,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FHN. Navigoe LLC acquired a new position in First Horizon during the 3rd quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of First Horizon in the 3rd quarter valued at $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon during the 3rd quarter worth $31,000. Kestra Investment Management LLC grew 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 worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew 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 worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings raised First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. National Bank Financial set a $27.00 price objective on First Horizon in a research report on Friday, January 16th. Stephens increased their price objective on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 16th. DA Davidson raised their target price on First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, January 16th. Finally, Truist Financial set a $27.00 target price on First Horizon in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.66.

Insider Buying and Selling

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Performance

NYSE FHN opened at $22.83 on Friday. The company has a fifty day moving average of $24.49 and a two-hundred day moving average of $23.09. The company has a market capitalization of $11.03 billion, a PE ratio of 12.14, a P/E/G ratio of 0.88 and a beta of 0.61. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its 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. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The business had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $863.87 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. As a group, analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.0%. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is presently 31.91%.

First Horizon 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.