Charles Schwab Investment Management Inc. Sells 51,700 Shares of First Horizon Corporation (NYSE:FHN)

Charles Schwab Investment Management Inc. lowered its position in First Horizon Corporation (NYSE:FHN) by 1.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,526,112 shares of the financial services provider’s stock after selling 51,700 shares during the period. Charles Schwab Investment Management Inc. owned about 0.69% of First Horizon worth $68,477,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FHN. Byrne Asset Management LLC boosted its holdings in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 830 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,658 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 1,975 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of First Horizon during the 4th quarter valued at about $130,000. Finally, UMB Bank n.a. boosted its holdings in shares of First Horizon by 143.5% during the 1st quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 3,958 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on FHN. Wells Fargo & Company increased their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a report on Tuesday, July 1st. Citigroup increased their price objective on shares of First Horizon from $22.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Truist Financial increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, July 11th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average target price of $23.28.

Insider Transactions at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares of the company’s stock, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the sale, the executive vice president directly owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

First Horizon stock opened at $22.28 on Friday. 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 Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The firm has a market capitalization of $11.31 billion, a P/E ratio of 14.37, a price-to-earnings-growth ratio of 1.05 and a beta of 0.65. The company’s 50-day moving average is $21.30 and its 200 day moving average is $20.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period in the prior year, the company posted $0.36 EPS. Research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon’s dividend payout ratio is 38.71%.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.