Belpointe Asset Management LLC Sells 1,534 Shares of First Horizon Corporation $FHN

Belpointe Asset Management LLC reduced its stake in shares of First Horizon Corporation (NYSE:FHN) by 8.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,097 shares of the financial services provider’s stock after selling 1,534 shares during the period. Belpointe Asset Management LLC’s holdings in First Horizon were worth $313,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. HighTower Advisors LLC raised its holdings in First Horizon by 1.0% during the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after buying an additional 575 shares in the last quarter. Signaturefd LLC raised its holdings in First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock valued at $270,000 after buying an additional 635 shares in the last quarter. Tidal Investments LLC raised its holdings in First Horizon by 1.2% during the fourth quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider’s stock valued at $1,357,000 after buying an additional 767 shares in the last quarter. Greenleaf Trust raised its holdings in First Horizon by 3.9% during the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider’s stock valued at $406,000 after buying an additional 779 shares in the last quarter. Finally, Summit Asset Management LLC raised its holdings in First Horizon by 4.5% during the first quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider’s stock valued at $358,000 after buying an additional 788 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on 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 in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock worth $3,322,663 over the last ninety days. Company insiders own 1.04% of the company’s stock.

First Horizon Stock Down 1.0%

FHN stock opened at $22.52 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $22.14 and its 200 day simple moving average is $20.22. The company has a market cap of $11.43 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.08.

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

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. 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 payout ratio is presently 38.71%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FHN shares. Royal Bank Of Canada restated an “outperform” rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Citigroup raised their target price on First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Wells Fargo & Company raised their price target on First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their price target on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Finally, Truist Financial raised their price target on First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $23.34.

First Horizon Company Profile

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.