First Horizon Co. (NYSE:FHN) Holdings Decreased by Belpointe Asset Management LLC

Posted by Defense World Staff on May 15th, 2023

Belpointe Asset Management LLC cut its position in shares of First Horizon Co. (NYSE:FHN – Get Rating) by 41.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,065 shares of the financial services provider’s stock after selling 9,923 shares during the quarter. Belpointe Asset Management LLC’s holdings in First Horizon were worth $345,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in First Horizon by 5.4% during the 4th quarter. Allworth Financial LP now owns 8,085 shares of the financial services provider’s stock worth $198,000 after buying an additional 416 shares during the last quarter. CWM LLC increased its holdings in shares of First Horizon by 9.7% in the 4th quarter. CWM LLC now owns 5,320 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 470 shares during the period. Cetera Investment Advisers lifted its position in First Horizon by 3.2% in the 1st quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 491 shares during the last quarter. Balentine LLC boosted its stake in First Horizon by 3.5% during the 4th quarter. Balentine LLC now owns 16,012 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 536 shares during the period. Finally, Blair William & Co. IL increased its stake in shares of First Horizon by 2.1% in the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock valued at $666,000 after purchasing an additional 575 shares during the period. Institutional investors own 77.41% of the company’s stock.

Insiders Place Their Bets

In related news, Director Colin V. Reed purchased 25,138 shares of the stock in a transaction dated Thursday, May 4th. The shares were acquired at an average cost of $9.96 per share, for a total transaction of $250,374.48. Following the acquisition, the director now directly owns 187,027 shares in the company, valued at approximately $1,862,788.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Horizon news, Director Colin V. Reed acquired 25,138 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average price of $9.96 per share, with a total value of $250,374.48. Following the completion of the transaction, the director now owns 187,027 shares in the company, valued at $1,862,788.92. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO D Bryan Jordan sold 93,157 shares of the business’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the completion of the sale, the chief executive officer now directly owns 1,396,259 shares of the company’s stock, valued at $34,627,223.20. The disclosure for this sale can be found here. Insiders own 1.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FHN. Wells Fargo & Company raised First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 price target on the stock in a report on Friday, March 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $25.00 price target on shares of First Horizon in a research note on Wednesday, April 19th. Finally, StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday.

First Horizon Trading Down 1.0 %

Shares of FHN opened at $9.67 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.20. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $24.92. The stock has a market capitalization of $5.20 billion, a P/E ratio of 5.97, a P/E/G ratio of 1.10 and a beta of 0.88. The business’s 50-day moving average price is $16.60 and its 200 day moving average price is $21.70.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The business had revenue of $863.00 million for the quarter, compared to analysts’ expectations of $871.36 million. First Horizon had a net margin of 24.76% and a return on equity of 13.53%. The business’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. Analysts expect that First Horizon Co. will post 1.94 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 16th will be paid a $0.15 dividend. The ex-dividend date is Thursday, June 15th. This represents a $0.60 annualized dividend and a yield of 6.20%. First Horizon’s dividend payout ratio is presently 37.04%.

About First Horizon

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.