First Horizon Corporation $FHN Position Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in First Horizon Corporation (NYSE:FHN) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,996,979 shares of the financial services provider’s stock after selling 46,860 shares during the quarter. Principal Financial Group Inc. owned 0.59% of First Horizon worth $67,762,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FHN. First Horizon Corp acquired a new stake in First Horizon during the 3rd quarter worth about $2,361,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after purchasing an additional 47,119 shares during the last quarter. Voya Investment Management LLC grew its stake in First Horizon by 301.4% in the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after purchasing an additional 172,599 shares in the last quarter. Apollon Wealth Management LLC increased its position in First Horizon by 70.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 97,889 shares of the financial services provider’s stock worth $2,213,000 after purchasing an additional 40,604 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in First Horizon in the 3rd quarter worth about $1,211,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Up 3.6%

First Horizon stock opened at $25.72 on Wednesday. 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 business’s 50-day simple moving average is $23.94 and its 200-day simple moving average is $22.67. The firm has a market capitalization of $12.66 billion, a PE ratio of 13.68, a PEG ratio of 0.93 and a beta of 0.63. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.79.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the company earned $0.43 EPS. Equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.17 dividend. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.

First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have issued reports on FHN shares. Zacks Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Keefe, Bruyette & Woods raised their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. UBS Group reiterated a “buy” rating and issued a $28.00 price objective on shares of First Horizon in a report on Tuesday, January 6th. Truist Financial set a $27.00 target price on shares of First Horizon in a research report on Friday, January 9th. Finally, Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $26.58.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.04% of the company’s stock.

First Horizon Profile

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.