First Horizon Co. (NYSE:FHN) Stock Holdings Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. cut its stake in shares of First Horizon Co. (NYSE:FHN) by 5.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 599,884 shares of the financial services provider’s stock after selling 33,907 shares during the period. Corebridge Financial Inc. owned about 0.11% of First Horizon worth $12,082,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FHN. Bank of New York Mellon Corp boosted its stake in shares of First Horizon by 26.2% during the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after buying an additional 7,715,191 shares during the period. Raymond James Financial Inc. acquired a new stake in First Horizon during the fourth quarter valued at $102,467,000. State Street Corp grew its stake in First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after purchasing an additional 4,116,486 shares in the last quarter. Amundi increased its position in First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock worth $77,104,000 after purchasing an additional 2,683,746 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of First Horizon during the 3rd quarter worth about $39,242,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE FHN opened at $19.77 on Wednesday. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44. The company has a market cap of $10.16 billion, a P/E ratio of 14.54, a P/E/G ratio of 1.19 and a beta of 0.86. The business’s 50 day moving average is $20.77 and its two-hundred day moving average is $19.28. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the company earned $0.32 EPS. On average, equities analysts expect that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is presently 44.12%.

Analyst Ratings Changes

Several brokerages recently commented on FHN. Royal Bank of Canada boosted their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Barclays boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Citigroup lifted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Bank of America increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.23.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.87% of the stock is owned by corporate insiders.

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.