Cinctive Capital Management LP Has $7.73 Million Stock Holdings in First Horizon Corporation $FHN

Key Points

• Cinctive Capital Management LP increased its stake in First Horizon Corporation by 103.3%, owning 397,954 shares valued at approximately $7.73 million after acquiring additional shares in the first quarter.
• Several institutional investors significantly boosted their holdings, with Golden State Wealth Management LLC increasing its position by an extraordinary 53,160.0%.
• First Horizon recently declared a quarterly dividend of $0.15 per share, reflecting a dividend yield of 2.7% and a payout ratio of 38.71%.

Cinctive Capital Management LP raised its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 103.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 397,954 shares of the financial services provider's stock after purchasing an additional 202,247 shares during the period. Cinctive Capital Management LP owned 0.08% of First Horizon worth $7,728,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Millennium Management LLC grew 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 worth $428,686,000 after purchasing an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in First Horizon by 496.3% during 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 valued at $165,199,000 after buying an additional 6,827,040 shares in the last quarter. Invesco Ltd. boosted its stake in shares of First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. Sculptor Capital LP increased its holdings in shares of First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock valued at $94,517,000 after acquiring an additional 1,806,000 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in First Horizon by 17.8% in the 1st quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider's stock valued at $61,953,000 after buying an additional 483,144 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

NYSE:FHN traded up $0.39 during trading hours on Tuesday, reaching $22.68. The company had a trading volume of 7,517,230 shares, compared to its average volume of 6,865,809. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $22.06 and a two-hundred day moving average of $20.17. First Horizon Corporation has a one year low of $14.82 and a one year high of $23.00. The firm has a market capitalization of $11.52 billion, a PE ratio of 14.61, a PEG ratio of 1.05 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results 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. 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 the consensus estimate of $832.95 million. During the same period in the previous year, the business earned $0.36 EPS. Analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio is currently 38.71%.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 over the last quarter. Corporate insiders own 1.04% of the company's stock.

Analyst Ratings Changes

FHN has been the topic of a number of research analyst reports. Barclays raised their target price on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. 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. Finally, Raymond James Financial restated an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and an average target price of $23.34.

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.