Engineers Gate Manager LP Sells 1,190,138 Shares of First Horizon Corporation $FHN

Engineers Gate Manager LP cut its holdings in First Horizon Corporation (NYSE:FHN) by 75.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 379,034 shares of the financial services provider’s stock after selling 1,190,138 shares during the quarter. Engineers Gate Manager LP’s holdings in First Horizon were worth $9,718,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Kestra Investment Management LLC increased its stake in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares in the last quarter. Ancora Advisors LLC bought a new position in First Horizon during the second quarter worth $42,000. 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 acquiring an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares during the period. Finally, Basecamp Wealth Advisors LLC grew its holdings in First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FHN. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. National Bank Financial set a $30.00 target price on First Horizon in a research report on Tuesday. Wells Fargo & Company started coverage on First Horizon in a research report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 target price for the company. Finally, Evercore set a $27.00 price target on First Horizon in a research note on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.45.

Insiders Place Their Bets

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.91% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $24.76 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $25.32 and a two-hundred day simple moving average of $24.43. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The firm has a market capitalization of $11.73 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period last year, the firm earned $0.45 earnings per share. Analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

First Horizon Company Profile

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.