US Bancorp DE Trims Stock Holdings in First Horizon Corporation $FHN

US Bancorp DE lowered its position in shares of First Horizon Corporation (NYSE:FHN) by 10.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,167 shares of the financial services provider’s stock after selling 9,316 shares during the period. US Bancorp DE’s holdings in First Horizon were worth $1,657,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Geneos Wealth Management Inc. grew 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 valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new position in First Horizon during the first quarter valued at approximately $38,000. Quarry LP grew its stake in First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC grew its stake in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in First Horizon during the first quarter valued at approximately $73,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 462,581 shares of the company’s stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock valued at $3,322,663 in the last three months. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Trading Down 9.4%

Shares of FHN opened at $20.86 on Thursday. The firm has a market cap of $10.59 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 0.96 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. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $23.70. The firm has a 50 day moving average price of $22.44 and a 200-day moving average price of $20.74.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 EPS. As a group, equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.9%. First Horizon’s dividend payout ratio is presently 38.71%.

Analyst Ratings Changes

Several equities analysts recently commented on FHN shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Horizon in a research note on Wednesday, October 8th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Royal Bank Of Canada boosted their price target on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Raymond James Financial set a $23.00 price target on shares of First Horizon in a research note on Wednesday. Finally, Citigroup boosted their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average price target of $25.00.

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.