Hsbc Holdings PLC Sells 203,686 Shares of First Horizon Corporation $FHN

Hsbc Holdings PLC cut its position in First Horizon Corporation (NYSE:FHN) by 79.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,198 shares of the financial services provider’s stock after selling 203,686 shares during the quarter. Hsbc Holdings PLC’s holdings in First Horizon were worth $1,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in shares of First Horizon by 102.5% in the 1st 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 in the last quarter. Geneos Wealth Management Inc. grew its holdings 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. EverSource Wealth Advisors LLC increased its position in shares of First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. increased its position in shares of First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after purchasing an additional 26,323 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Up 1.5%

Shares of FHN opened at $26.01 on Thursday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.00 and a beta of 0.60. The firm has a 50 day moving average price of $24.53 and a 200-day moving average price of $24.15. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, June 12th. First Horizon’s payout ratio is currently 34.00%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Fundamental Research set a $28.50 target price on shares of First Horizon in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $26.00 to $28.50 and gave the stock a “neutral” rating in a report on Wednesday. Barclays lowered their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Finally, Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, First Horizon currently has an average rating of “Hold” and an average target price of $26.73.

First Horizon Company 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.