Teza Capital Management LLC Has $322,000 Holdings in First Horizon Corporation $FHN

by · The Markets Daily

Teza Capital Management LLC lessened its position in shares of First Horizon Corporation (NYSE:FHN – Free Report) by 45.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 16,567 shares of the financial services provider’s stock after selling 13,794 shares during the quarter. Teza Capital Management LLC’s holdings in First Horizon were worth $322,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Byrne Asset Management LLC increased its position 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 during the period. Quarry LP increased its position in 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 purchasing an additional 1,243 shares during the period. Golden State Wealth Management LLC increased its position in 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 purchasing an additional 2,658 shares during the period. Versant Capital Management Inc increased its position in First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 1,975 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First Horizon during the 1st quarter valued at approximately $73,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $22.24 on Tuesday. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.00. The business’s fifty day moving average is $22.06 and its 200 day moving average is $20.17. 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 stock has a market cap of $11.29 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.05 and a beta of 0.67.

First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $832.95 million. During the same period last year, the business earned $0.36 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is currently 38.71%.

Insiders Place Their Bets

In related 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 value of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the chief operating officer owned 342,051 shares in the company, 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 quarter, insiders sold 148,295 shares of company stock worth $3,322,663. 1.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on FHN shares. Raymond James Financial reissued an “outperform” rating and set a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Citigroup raised their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Wells Fargo & Company raised their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Finally, Bank of America raised their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. One research 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.34.

Check Out Our Latest Analysis on FHN

First Horizon Company Profile

(Free Report)

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.

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