Lighthouse Investment Partners LLC Boosts Stock Position in First Horizon Corporation $FHN

Lighthouse Investment Partners LLC grew its stake in First Horizon Corporation (NYSE:FHN) by 18.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 268,287 shares of the financial services provider’s stock after purchasing an additional 41,058 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in First Horizon were worth $6,066,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Norges Bank bought a new stake in First Horizon in the 2nd quarter valued at about $131,399,000. Azora Capital LP grew its stake in shares of First Horizon by 1,020.5% in the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after purchasing an additional 2,377,300 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon in the third quarter valued at $49,180,000. JPMorgan Chase & Co. lifted its holdings in shares of First Horizon by 45.0% during the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after purchasing an additional 2,091,865 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of First Horizon by 370.5% in the third quarter. Barclays PLC now owns 2,216,410 shares of the financial services provider’s stock worth $50,113,000 after buying an additional 1,745,296 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Trading Up 0.6%

Shares of FHN opened at $21.87 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $10.56 billion, a PE ratio of 11.63, a PEG ratio of 0.82 and a beta of 0.61. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $26.56. The stock has a 50 day simple moving average of $24.28 and a 200-day simple moving average of $23.10.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The firm had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio is 36.17%.

Analysts Set New Price Targets

Several analysts recently commented on FHN shares. Robert W. Baird cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Barclays increased their target price on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Weiss Ratings upgraded shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Citigroup increased their price objective on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Finally, DA Davidson boosted their target price on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.04% of the stock is owned by corporate insiders.

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.