Cary Street Partners Financial LLC Raises Position in First Horizon Corporation (NYSE:FHN)

Key Points

• Cary Street Partners Financial LLC significantly increased its position in First Horizon Corporation by 713.3%, acquiring an additional 132,481 shares during the first quarter, bringing its total holdings to 151,053 shares valued at approximately $2.93 million.
• Multiple institutional investors also increased their stakes in First Horizon, with Millennium Management LLC raising its position by 102.3% and UBS AM increasing theirs by 496.3% in the fourth quarter.
• First Horizon has announced a quarterly dividend of $0.15 per share, with an annualized dividend yield of 2.8%, set to be paid on October 1.

Cary Street Partners Financial LLC grew its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 713.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 151,053 shares of the financial services provider's stock after acquiring an additional 132,481 shares during the period. Cary Street Partners Financial LLC's holdings in First Horizon were worth $2,933,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC increased its position in First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after acquiring an additional 6,827,040 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of First Horizon in the fourth quarter worth $75,485,000. Phoenix Financial Ltd. bought a new position in shares of First Horizon during the first quarter valued at $29,395,000. Finally, Algebris UK Ltd bought a new position in shares of First Horizon during the first quarter valued at $23,926,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of the company'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 owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $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 owned by company insiders.

First Horizon Stock Down 1.4%

FHN opened at $21.38 on Thursday. The firm's 50 day simple moving average is $21.09 and its two-hundred day simple moving average is $20.12. The company has a market capitalization of $10.85 billion, a PE ratio of 13.80, a PEG ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a 1-year low of $14.60 and a 1-year high of $23.00. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. During the same quarter last year, the company earned $0.36 earnings per share. As a group, equities analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon's dividend payout ratio is 38.71%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Bank of America increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Barclays increased their price target on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Citigroup increased their target price on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.

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