First Horizon Corporation $FHN Shares Sold by Maltese Capital Management LLC

Maltese Capital Management LLC lessened its position in shares of First Horizon Corporation (NYSE:FHN) by 58.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 192,500 shares of the financial services provider’s stock after selling 267,500 shares during the period. Maltese Capital Management LLC’s holdings in First Horizon were worth $4,601,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Goldman Sachs Group Inc. grew its holdings in First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in First Horizon by 88.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 3,835 shares in the last quarter. Federated Hermes Inc. grew its holdings in First Horizon by 9.1% during the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after acquiring an additional 26,323 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FHN shares. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their target price for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Citigroup upped their target price on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Barclays lowered their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Wells Fargo & Company upped their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, First Horizon currently has an average rating of “Hold” and a consensus target price of $26.45.

First Horizon Trading Down 1.6%

Shares of First Horizon stock opened at $24.74 on Tuesday. The company has a fifty day simple moving average of $24.24 and a 200-day simple moving average of $23.95. First Horizon Corporation has a 12-month low of $19.10 and a 12-month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.74 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.98 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its 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. The business had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS. On average, equities analysts forecast that First Horizon Corporation will post 2.16 EPS 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. Investors 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 yield of 2.7%. First Horizon’s dividend payout ratio is currently 34.00%.

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.