Havemeyer Place LP Takes $1.48 Million Position in First Horizon Corporation $FHN

Havemeyer Place LP acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 61,785 shares of the financial services provider’s stock, valued at approximately $1,477,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its position in First Horizon by 8.5% in the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after acquiring an additional 595,869 shares in the last quarter. Norges Bank purchased a new position in First Horizon in the fourth quarter worth about $153,942,000. William Blair Investment Management LLC grew its position in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Freestone Grove Partners LP grew its position in First Horizon by 25.3% in the third quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after acquiring an additional 967,219 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in First Horizon by 28.4% in the fourth quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock worth $91,993,000 after acquiring an additional 852,109 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FHN shares. Citigroup lifted their price target on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. DA Davidson reissued a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a research note on Thursday, April 16th. Finally, Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.45.

First Horizon Price Performance

Shares of FHN opened at $24.19 on Monday. The firm has a market capitalization of $11.48 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 0.94 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. First Horizon Corporation has a 1-year low of $19.03 and a 1-year high of $26.56. The company’s fifty day moving average price is $23.98 and its 200-day moving average price is $23.81.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share. On average, equities research analysts predict that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio is presently 34.00%.

First Horizon Company Profile

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.