Voya Investment Management LLC Sells 22,096 Shares of First Horizon Corporation $FHN

Voya Investment Management LLC cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 259,987 shares of the financial services provider’s stock after selling 22,096 shares during the quarter. Voya Investment Management LLC owned approximately 0.05% of First Horizon worth $5,049,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Byrne Asset Management LLC grew its stake 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 acquiring an additional 830 shares during the period. Geneos Wealth Management Inc. grew its stake in shares of 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 valued at $35,000 after acquiring an additional 1,095 shares during the period. Compass Financial Services Inc bought a new position in shares of First Horizon during the 1st quarter valued at approximately $38,000. Quarry LP grew its stake in shares of First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,243 shares during the period. Finally, Golden State Wealth Management LLC grew its stake 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 acquiring an additional 2,658 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction 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 transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 in the last ninety days. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

NYSE:FHN opened at $23.23 on Friday. The stock’s fifty day moving average is $22.19 and its 200 day moving average is $20.27. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.25. The firm has a market capitalization of $11.79 billion, a PE ratio of 14.99, a PEG ratio of 1.07 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon’s dividend payout ratio is 38.71%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $24.00 price target (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Bank of America boosted their price target on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price target on First Horizon from $19.50 to $22.50 and gave the stock a “neutral” rating in a report on Tuesday, July 1st. Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, August 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.34.

First Horizon 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.