Hudson Bay Capital Management LP Buys Shares of 609,981 First Horizon Corporation $FHN

Hudson Bay Capital Management LP bought a new position in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 609,981 shares of the financial services provider’s stock, valued at approximately $13,792,000. Hudson Bay Capital Management LP owned approximately 0.12% of First Horizon as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Navigoe LLC acquired a new stake in shares of First Horizon in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new position in First Horizon during the third quarter worth $25,000. Root Financial Partners LLC bought a new position in First Horizon during the third quarter valued at about $31,000. Kestra Investment Management LLC raised its holdings in 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 valued at $34,000 after buying an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted 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 worth $35,000 after buying an additional 1,095 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FHN shares. Stephens upped their price target on First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Citigroup raised their price objective on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Truist Financial set a $27.00 target price on First Horizon in a report on Friday, January 9th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of First Horizon in a research report on Monday, January 12th. Finally, Keefe, Bruyette & Woods increased their price target on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. One 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insider Buying and Selling at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction 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 sale, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

First Horizon Trading Down 0.3%

First Horizon stock opened at $21.72 on Friday. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $10.37 billion, a PE ratio of 11.55, a PEG ratio of 0.82 and a beta of 0.61. The business’s 50-day simple moving average is $24.11 and its 200-day simple moving average is $23.08.

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, beating the consensus estimate of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the company earned $0.43 EPS. Equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.17 dividend. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is currently 36.17%.

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.