1,330,832 Shares in First Horizon Corporation (NYSE:FHN) Bought by Algebris UK Ltd

Key Points

• Algebris UK Ltd has acquired 1,330,832 shares of First Horizon Corporation, worth approximately $23.9 million, making it the fund's 7th largest position.
• Multiple hedge funds have increased their holdings in First Horizon significantly, with Millennium Management boosting its stake by 102.3% in the fourth quarter.
• First Horizon's stock has a current price of $22.52, with analysts forecasting it to reach a consensus price target of $23.28, indicating a Moderate Buy rating overall.

Algebris UK Ltd bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,330,832 shares of the financial services provider's stock, valued at approximately $23,926,000. First Horizon comprises about 4.4% of Algebris UK Ltd's portfolio, making the stock its 7th biggest position. Algebris UK Ltd owned approximately 0.26% of First Horizon at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock worth $111,270,000 after buying an additional 3,400,811 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in First Horizon by 2.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after acquiring an additional 1,481 shares during the period. Cerity Partners LLC boosted its holdings in First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock valued at $2,458,000 after acquiring an additional 22,852 shares during the period. Brown Advisory Inc. boosted its holdings in First Horizon by 13.3% during the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock valued at $1,341,000 after acquiring an additional 8,110 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in First Horizon by 286.9% during the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock valued at $1,230,000 after acquiring an additional 46,975 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Down 2.4%

NYSE FHN traded down $0.51 during trading hours on Friday, reaching $21.30. 10,023,785 shares of the company's stock were exchanged, compared to its average volume of 6,282,133. The company's 50-day moving average is $20.96 and its two-hundred day moving average is $20.11. First Horizon Corporation has a one year low of $14.34 and a one year high of $23.00. The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.04 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same quarter last year, the firm earned $0.36 EPS. On average, analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.8%. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Royal Bank Of Canada restated an "outperform" rating and issued a $24.00 price target (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Keefe, Bruyette & Woods lowered their price target on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. increased their price objective on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.