Choreo LLC Lowers Holdings in First Horizon Corporation $FHN

Choreo LLC decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 65.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,296 shares of the financial services provider’s stock after selling 30,886 shares during the quarter. Choreo LLC’s holdings in First Horizon were worth $371,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Navigoe LLC purchased a new position in shares of First Horizon during the 3rd quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new stake in First Horizon in the 3rd quarter valued at about $25,000. Root Financial Partners LLC acquired a new position in First Horizon in the third quarter valued at about $31,000. Kestra Investment Management LLC lifted its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in 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 worth $35,000 after buying an additional 1,095 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 2.5%

Shares of FHN stock opened at $22.83 on Friday. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The company has a 50 day moving average price of $24.49 and a 200 day moving average price of $23.09. The stock has a market capitalization of $11.03 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 0.88 and a beta of 0.61. 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 earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The company had revenue of $888.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same period in the prior year, the business earned $0.43 EPS. Equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.17 dividend. The ex-dividend date is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. First Horizon’s payout ratio is 31.91%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Raymond James Financial increased their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings upgraded shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. Finally, DA Davidson upped their price target on First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $26.66.

Insider Transactions at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the transaction, the executive vice president directly owned 619,132 shares of the company’s stock, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.87% of the company’s stock.

About First Horizon

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.