Arrowstreet Capital Limited Partnership Has $7.23 Million Stock Holdings in First Horizon Corporation $FHN

Arrowstreet Capital Limited Partnership lifted its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 187.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 317,813 shares of the financial services provider's stock after buying an additional 207,395 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.07% of First Horizon worth $7,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of FHN. Norges Bank acquired a new position in shares of First Horizon during the fourth quarter valued at about $153,942,000. Artemis Investment Management LLP bought a new stake in First Horizon during the 4th quarter valued at $90,319,000. Cullen Capital Management LLC raised its holdings in First Horizon by 3,401.0% during the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider's stock worth $48,528,000 after buying an additional 1,972,461 shares during the last quarter. HRT Financial LP acquired a new position in First Horizon during the fourth quarter worth $42,600,000. Finally, Qube Research & Technologies Ltd lifted its stake in shares of First Horizon by 419.7% in the third quarter. Qube Research & Technologies Ltd now owns 1,989,925 shares of the financial services provider's stock valued at $44,992,000 after buying an additional 1,607,028 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 0.9%

Shares of First Horizon stock opened at $25.69 on Friday. The firm has a market cap of $12.19 billion, a PE ratio of 12.29, a P/E/G ratio of 1.02 and a beta of 0.60. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a fifty day moving average price of $25.11 and a 200-day moving average price of $24.36.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio is presently 32.54%.

Wall Street Analyst Weigh In

FHN has been the subject of several analyst reports. UBS Group reissued a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Wells Fargo & Company lifted their target price on First Horizon from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods upped their price target on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Raymond James Financial raised their price objective on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, National Bank Financial set a $29.00 price objective on shares of First Horizon in a report on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $27.16.

First Horizon 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.

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