Interval Partners LP Acquires 318,445 Shares of First Horizon Corporation $FHN

Interval Partners LP grew its holdings in First Horizon Corporation (NYSE:FHN) by 38.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,146,176 shares of the financial services provider’s stock after buying an additional 318,445 shares during the quarter. Interval Partners LP’s holdings in First Horizon were worth $25,915,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. AMG National Trust Bank raised its stake in First Horizon by 0.6% during the 3rd quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock worth $2,314,000 after acquiring an additional 575 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of First Horizon by 57.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 635 shares during the period. Concurrent Investment Advisors LLC increased its stake in shares of First Horizon by 2.9% in the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after purchasing an additional 672 shares in the last quarter. Allen Capital Group LLC increased its stake in shares of First Horizon by 1.2% in the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock worth $1,376,000 after purchasing an additional 732 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 757 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

Shares of NYSE FHN opened at $21.73 on Friday. The company has a market cap of $10.50 billion, a P/E ratio of 11.56, a P/E/G ratio of 0.84 and a beta of 0.61. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s fifty day moving average is $24.34 and its two-hundred day moving average is $23.11.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. First Horizon’s dividend payout ratio is currently 31.91%.

Analyst Ratings Changes

FHN has been the subject of several recent analyst reports. Citigroup upped their target price on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods raised their price target on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insiders Place Their Bets

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.87% of the stock is owned by corporate insiders.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.