Geode Capital Management LLC Cuts Stock Position in First Horizon Corporation $FHN

Geode Capital Management LLC lessened its stake in First Horizon Corporation (NYSE:FHN) by 0.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,081,283 shares of the financial services provider’s stock after selling 45,229 shares during the period. Geode Capital Management LLC owned 1.84% of First Horizon worth $217,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Aaron Wealth Advisors LLC grew its stake in First Horizon by 5.4% in the fourth quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 511 shares during the last quarter. Sanctuary Advisors LLC grew its stake in First Horizon by 3.5% in the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 537 shares during the last quarter. AMG National Trust Bank grew its stake in First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock valued at $2,314,000 after purchasing an additional 575 shares during the last quarter. Krilogy Financial LLC grew its stake in First Horizon by 3.9% in the fourth quarter. Krilogy Financial LLC now owns 17,499 shares of the financial services provider’s stock valued at $424,000 after purchasing an additional 664 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in First Horizon by 1.1% in the third quarter. Illinois Municipal Retirement Fund now owns 68,172 shares of the financial services provider’s stock valued at $1,541,000 after purchasing an additional 772 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $24.00 on Wednesday. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 0.92 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50-day simple moving average is $23.85 and its 200-day simple moving average is $23.73.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same quarter in the previous year, the firm earned $0.42 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, equities analysts forecast that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s payout ratio is presently 34.00%.

Analyst Ratings Changes

FHN has been the topic of several analyst reports. JPMorgan Chase & Co. cut their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Weiss Ratings upgraded First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday. DA Davidson restated a “neutral” rating and set a $26.00 price target on shares of First Horizon in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods boosted their price target on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.45.

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.