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

Hsbc Holdings PLC cut its holdings in First Horizon Corporation (NYSE:FHN) by 79.6% during the fourth quarter, Holdings Channel reports. 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 SEC filing.

Several other institutional investors also recently modified their holdings of the business. TMB Capital Partners LLC purchased a new stake in First Horizon in the fourth quarter worth about $553,000. Invesco Ltd. boosted its holdings in First Horizon by 5.6% in the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after acquiring an additional 426,951 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of First Horizon by 4.4% in the fourth quarter. Corient Private Wealth LLC now owns 126,632 shares of the financial services provider’s stock worth $3,027,000 after acquiring an additional 5,281 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of First Horizon by 72.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider’s stock worth $2,000,000 after acquiring an additional 35,208 shares during the last quarter. Finally, Beacon Pointe Advisors LLC grew its stake in shares of First Horizon by 16.4% in the fourth quarter. Beacon Pointe Advisors LLC now owns 11,440 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 1,613 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Barclays cut their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. DA Davidson reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a research report on Thursday, April 16th. Finally, Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $26.73.

First Horizon Stock Performance

Shares of FHN stock opened at $26.01 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average price of $24.53 and a 200-day moving average price of $24.15. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The firm has a market capitalization of $12.35 billion, a PE ratio of 13.01, a P/E/G ratio of 1.00 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, topping 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 company had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

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

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.