Rafferty Asset Management LLC Has $10.82 Million Position in First Horizon Corporation $FHN

Rafferty Asset Management LLC lowered its position in shares of First Horizon Corporation (NYSE:FHN) by 15.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 478,442 shares of the financial services provider’s stock after selling 85,883 shares during the period. Rafferty Asset Management LLC’s holdings in First Horizon were worth $10,818,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Atlantic Union Bankshares Corp bought a new position in First Horizon during the 3rd quarter worth $25,000. Navigoe LLC acquired a new position in First Horizon during the third quarter worth about $25,000. Root Financial Partners LLC acquired a new position in First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC increased its holdings in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in First Horizon by 122.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 900 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on FHN. National Bank Financial set a $27.00 target price on First Horizon in a research report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price target on First Horizon and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, TD Cowen boosted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $26.66.

First Horizon Trading Down 4.7%

Shares of FHN stock opened at $23.74 on Monday. The company has a market capitalization of $11.47 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 0.90 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 business’s fifty day moving average is $24.59 and its 200 day moving average is $23.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the prior year, the company earned $0.43 EPS. On average, equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.17 dividend. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s payout ratio is 31.91%.

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.