173,823 Shares in First Horizon Corporation $FHN Bought by Advisors Preferred LLC

Advisors Preferred LLC bought a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 1st quarter, Holdings Channel reports. The institutional investor bought 173,823 shares of the financial services provider’s stock, valued at approximately $3,956,000.

Several other hedge funds also recently added to or reduced their stakes in FHN. William Blair Investment Management LLC lifted its stake in shares of First Horizon by 2.2% during 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 buying an additional 116,191 shares during the period. Andrew Hill Investment Advisors Inc. acquired a new position in shares of First Horizon in the 4th quarter valued at $7,059,000. Hudson Bay Capital Management LP acquired a new position in shares of First Horizon in the 3rd quarter valued at $13,792,000. Tectonic Advisors LLC purchased a new position in First Horizon in the 4th quarter worth $4,423,000. Finally, Qsemble Capital Management LP raised its stake in First Horizon by 303.3% in the 4th quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock worth $10,790,000 after acquiring an additional 339,508 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Down 0.2%

Shares of FHN opened at $25.78 on Wednesday. The company has a market capitalization of $12.24 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.00 and a beta of 0.60. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The stock’s 50-day moving average price is $24.72 and its 200-day moving average price is $24.25. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. During the same period last year, the business earned $0.42 earnings per share. First Horizon’s quarterly revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

Wall Street Analyst Weigh In

Several analysts have weighed in on FHN shares. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Raymond James Financial raised their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods upped their target price on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $27.12.

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.