First Horizon Corporation $FHN Shares Sold by UMB Bank n.a.

UMB Bank n.a. decreased its position in First Horizon Corporation (NYSE:FHN) by 22.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,190 shares of the financial services provider’s stock after selling 1,526 shares during the quarter. UMB Bank n.a.’s holdings in First Horizon were worth $110,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Byrne Asset Management LLC grew its holdings in 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 in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% during the first 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 in the last quarter. Compass Financial Services Inc purchased a new stake in shares of First Horizon during the first quarter worth about $38,000. Quarry LP lifted its stake in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,658 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FHN has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on First Horizon from $19.50 to $22.50 and gave the stock a “neutral” rating in a report on Tuesday, July 1st. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Citigroup upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Raymond James Financial reissued an “outperform” rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Finally, Truist Financial increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $23.83.

First Horizon Trading Up 0.8%

Shares of FHN stock opened at $22.80 on Thursday. The firm has a market capitalization of $11.58 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.06 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. The stock has a fifty day moving average of $22.28 and a two-hundred day moving average of $20.36. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.26.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping 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 net margin of 17.10% and a return on equity of 10.55%. During the same period in the previous year, the firm earned $0.36 EPS. As a group, research analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared 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. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon’s payout ratio is 38.71%.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the firm’s 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 sale, the chief operating officer directly owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,295 shares of company stock valued at $3,322,663. Company insiders own 0.87% of the company’s stock.

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.