Carlson Capital L.P. Increases Stake in First Horizon Corporation $FHN

Carlson Capital L.P. raised its stake in First Horizon Corporation (NYSE:FHN) by 98.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 57,702 shares of the financial services provider’s stock after purchasing an additional 28,602 shares during the quarter. Carlson Capital L.P.’s holdings in First Horizon were worth $1,313,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Kestra Investment Management LLC increased its stake 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 buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted its position in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings 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 acquiring an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in First Horizon in the 4th quarter worth $51,000. Finally, Cedar Mountain Advisors LLC purchased a new position in shares of First Horizon in the first quarter valued at about $77,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FHN shares. Evercore set a $27.00 price objective on shares of First Horizon in a research note on Monday, July 6th. Barclays cut their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. DA Davidson restated a “neutral” rating and set a $26.00 price target on shares of First Horizon in a report on Thursday, April 16th. National Bank Financial set a $29.00 price target on First Horizon in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Hold” and a consensus price target of $27.16.

First Horizon Trading Up 0.9%

Shares of FHN opened at $25.69 on Friday. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average price is $25.11 and its 200-day moving average price is $24.36. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period in the prior year, the firm earned $0.45 earnings per share. Sell-side analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio is 32.54%.

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.