Azora Capital LP Raises Holdings in First Horizon Corporation $FHN

Key Points

• Azora Capital LP increased its stake in First Horizon by 2.2% to 2,668,701 shares (about $60.3M), representing roughly 0.54% of the company and making FHN its 13th-largest holding.
• First Horizon beat quarterly expectations with $0.52 EPS vs $0.46 expected and $892M revenue, and the company raised its quarterly dividend to $0.17 (annualized $0.68, ~3.1% yield).
• Analysts are generally positive—market consensus is a "Moderate Buy" with an average target price of $26.66, above the recent trading price near $21.73.

Azora Capital LP raised its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 2.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,668,701 shares of the financial services provider's stock after purchasing an additional 58,457 shares during the period. First Horizon comprises 2.8% of Azora Capital LP's investment portfolio, making the stock its 13th biggest position. Azora Capital LP owned approximately 0.54% of First Horizon worth $60,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the company. Navigoe LLC purchased a new position in First Horizon in the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon during the 3rd quarter worth $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon during the 3rd quarter worth $31,000. Kestra Investment Management LLC grew its stake in shares of 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 worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in 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 valued at $35,000 after buying an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction on Thursday, January 29th. The shares were 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. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on FHN shares. Raymond James Financial raised their price target on First Horizon from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, January 7th. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. Weiss Ratings raised First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 2nd. Stephens increased their price target on shares of First Horizon from $28.00 to $29.00 and gave the company an "overweight" rating in a research note on Friday, January 16th. Finally, Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a report on Saturday, November 15th. One investment 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $26.66.

First Horizon Stock Down 2.0%

Shares of NYSE FHN opened at $21.73 on Friday. The business has a 50-day moving average price of $24.34 and a 200 day moving average price of $23.11. The stock has a market cap of $10.50 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping 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 company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. 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 announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon's previous quarterly dividend of $0.15. First Horizon's dividend payout ratio is presently 31.91%.

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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