Curi RMB Capital LLC Buys 110,000 Shares of First Horizon Corporation $FHN

Key Points

• Curi RMB Capital LLC increased its stake in First Horizon Corporation by 28.2%, acquiring an additional 110,000 shares to hold a total of 500,000 shares valued at approximately $9.71 million.
• First Horizon has announced a quarterly dividend of $0.15, which will be paid on October 1st, representing an annualized yield of 2.6%.
• Analyst ratings for First Horizon show a range of opinions, with one analyst rating it as a Strong Buy and others giving it average target prices between $24.00 and $26.00.

Curi RMB Capital LLC lifted its position in First Horizon Corporation (NYSE:FHN - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 500,000 shares of the financial services provider's stock after acquiring an additional 110,000 shares during the quarter. Curi RMB Capital LLC owned 0.10% of First Horizon worth $9,710,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake 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 acquiring an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of First Horizon by 496.3% in the 4th 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 during the last quarter. Invesco Ltd. grew its holdings in shares of First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock valued at $131,192,000 after buying an additional 2,968,012 shares in the last quarter. Sculptor Capital LP grew its holdings in shares of First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock valued at $94,517,000 after buying an additional 1,806,000 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of First Horizon by 17.8% during the first 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 in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 0.7%

NYSE:FHN traded down $0.17 during trading hours on Wednesday, hitting $22.64. 4,428,870 shares of the stock were exchanged, compared to its average volume of 6,888,716. The company's 50 day moving average is $22.09 and its two-hundred day moving average is $20.18. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.05. 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 company has a market capitalization of $11.50 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share 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 company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the prior year, the business posted $0.36 EPS. On average, sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed 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. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is 38.71%.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the company'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 owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. Insiders own 1.04% of the company's stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective for the company. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their price target on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Citigroup boosted their price target on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and an average price target 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.