Moore Capital Management LP Has $21.70 Million Holdings in First Horizon Corporation $FHN

Moore Capital Management LP boosted its position in First Horizon Corporation (NYSE:FHN) by 122.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 908,000 shares of the financial services provider’s stock after purchasing an additional 500,000 shares during the period. Moore Capital Management LP owned about 0.18% of First Horizon worth $21,701,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FHN. Kestra Investment Management LLC grew its position in First Horizon by 873.1% in the 2nd 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 in the last quarter. Geneos Wealth Management Inc. grew its position in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its position in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in First Horizon in the 4th quarter worth about $51,000. Finally, Triumph Capital Management bought a new stake in First Horizon in the 3rd quarter worth about $77,000. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on FHN. Citigroup upped their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. DA Davidson reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a research report on Thursday, April 16th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Finally, Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Horizon has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Down 1.0%

First Horizon stock opened at $24.67 on Thursday. First Horizon Corporation has a twelve month low of $19.18 and a twelve month high of $26.56. The firm has a 50 day moving average price of $24.30 and a 200-day moving average price of $23.98. The company has a market capitalization of $11.71 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.97 and a beta of 0.60. 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 released its earnings results 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. 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 during the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the firm earned $0.42 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts predict that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio is currently 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.