Carlson Capital L.P. Acquires New Shares in First Horizon Corporation $FHN

Carlson Capital L.P. bought a new stake in First Horizon Corporation (NYSE:FHN) during the fourth quarter, HoldingsChannel.com reports. The firm bought 29,100 shares of the financial services provider’s stock, valued at approximately $695,000.

Other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC lifted its holdings in shares of First Horizon by 149.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 22,136 shares of the financial services provider’s stock worth $529,000 after acquiring an additional 13,261 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of First Horizon by 111.3% during the 4th quarter. Gateway Investment Advisers LLC now owns 134,671 shares of the financial services provider’s stock valued at $3,219,000 after purchasing an additional 70,928 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in First Horizon by 5.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 470,620 shares of the financial services provider’s stock worth $11,356,000 after purchasing an additional 22,268 shares in the last quarter. Highland Capital Management LLC increased its position in First Horizon by 1.8% during the 4th quarter. Highland Capital Management LLC now owns 375,291 shares of the financial services provider’s stock worth $8,969,000 after purchasing an additional 6,770 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in First Horizon by 28.4% in the 4th quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock valued at $91,993,000 after purchasing an additional 852,109 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $24.62 on Friday. First Horizon Corporation has a 52 week low of $19.03 and a 52 week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 0.96 and a beta of 0.62. The firm has a 50 day moving average of $23.48 and a 200-day moving average of $23.39.

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 the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that First Horizon Corporation will post 2.16 earnings per share 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 paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, June 12th. First Horizon’s payout ratio is 34.00%.

Analysts Set New Price Targets

A number of brokerages have weighed in on FHN. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $28.00 target price on shares of First Horizon in a research report on Monday, January 12th. Truist Financial set a $27.00 price objective on First Horizon in a research note on Friday, January 9th. Finally, Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Hold” and an average price target of $26.45.

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.