First Horizon Corporation $FHN Stock Holdings Reduced by North Reef Capital Management LP

North Reef Capital Management LP lowered its holdings in First Horizon Corporation (NYSE:FHN) by 1.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 12,370,000 shares of the financial services provider’s stock after selling 205,000 shares during the quarter. First Horizon comprises approximately 13.1% of North Reef Capital Management LP’s holdings, making the stock its largest holding. North Reef Capital Management LP’s holdings in First Horizon were worth $279,686,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FHN. LSV Asset Management increased its holdings in First Horizon by 5.0% during the second quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after buying an additional 646,060 shares during the period. Invesco Ltd. boosted its position in First Horizon by 8.5% during the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock valued at $171,990,000 after acquiring an additional 595,869 shares in the last quarter. JPMorgan Chase & Co. boosted its position in First Horizon by 45.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Norges Bank purchased a new position in shares of First Horizon in the 2nd quarter valued at $131,399,000. Finally, William Blair Investment Management LLC raised its position in shares of First Horizon by 38.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock worth $118,020,000 after acquiring an additional 1,456,820 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FHN has been the subject of a number of analyst reports. Raymond James Financial upped their price objective on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Robert W. Baird downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Keefe, Bruyette & Woods increased their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, January 16th. TD Cowen raised their price target on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, January 16th. Finally, Weiss Ratings raised shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.66.

First Horizon Stock Up 0.6%

NYSE:FHN opened at $21.87 on Tuesday. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $26.56. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $24.28 and its two-hundred day moving average is $23.10. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. During the same quarter in the previous year, the business earned $0.43 EPS. Research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This is a boost 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 is currently 36.17%.

Insider Buying and Selling at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.04% of the company’s stock.

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.