Zurich Insurance Group Ltd FI Sells 123,622 Shares of First Horizon Corporation $FHN

Zurich Insurance Group Ltd FI cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 11.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 926,596 shares of the financial services provider’s stock after selling 123,622 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in First Horizon were worth $17,994,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of First Horizon by 2.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock valued at $1,496,000 after acquiring an additional 1,481 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock valued at $2,458,000 after acquiring an additional 22,852 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of First Horizon by 13.3% during the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock valued at $1,341,000 after acquiring an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC increased its holdings in shares of First Horizon by 713.3% during the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock valued at $2,933,000 after acquiring an additional 132,481 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of First Horizon by 286.9% during the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock valued at $1,230,000 after acquiring an additional 46,975 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FHN shares. Truist Financial upped their price target on First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, July 11th. Bank of America lifted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, August 23rd. Wells Fargo & Company lifted their price objective on First Horizon from $20.00 to $23.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Finally, Jefferies Financial Group started coverage on First Horizon in a report on Wednesday, May 21st. They issued a “buy” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.34.

First Horizon Stock Up 2.2%

FHN stock opened at $22.79 on Wednesday. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. 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 $11.57 billion, a P/E ratio of 14.70, a PEG ratio of 1.06 and a beta of 0.67. The business’s 50-day moving average price is $22.09 and its 200-day moving average price is $20.18.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating 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 firm had revenue of $830.19 million for the quarter, compared to analysts’ expectations of $832.95 million. During the same period in the previous year, the firm earned $0.36 EPS. On average, equities research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

Insider Transactions at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. Insiders own 1.04% of the company’s stock.

First Horizon Company 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.