Verition Fund Management LLC Raises Holdings in First Horizon Corporation $FHN

Verition Fund Management LLC boosted its stake in First Horizon Corporation (NYSE:FHN) by 53.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,411,629 shares of the financial services provider’s stock after purchasing an additional 843,799 shares during the period. Verition Fund Management LLC owned about 0.49% of First Horizon worth $57,638,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FHN. Kestra Investment Management LLC grew its holdings in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC raised its stake in shares of First Horizon by 1,348.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of First Horizon during the fourth quarter worth about $51,000. Finally, Bessemer Group Inc. boosted its holdings in shares of First Horizon by 51.5% during the third quarter. Bessemer Group Inc. now owns 3,243 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 1,103 shares during the period. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on FHN shares. Zacks Research lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Citigroup raised their price target on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and cut their price target for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 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 research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $26.45.

First Horizon Trading Down 0.0%

FHN opened at $25.14 on Monday. 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 Corporation has a 52 week low of $19.03 and a 52 week high of $26.56. The stock has a market cap of $11.93 billion, a PE ratio of 12.57, a PEG ratio of 0.98 and a beta of 0.60. The business has a 50 day moving average of $24.21 and a 200-day moving average of $23.93.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Equities research analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

First Horizon 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.