Interval Partners LP Boosts Stake in First Horizon Corporation $FHN

Key Points

• Interval Partners LP boosted its stake in First Horizon by 38.5% in Q3 to 1,146,176 shares (about 0.23% ownership), valued at roughly $25.9 million.
• First Horizon raised its quarterly dividend to $0.17 (from $0.15), implying an annualized $0.68 payout and a yield of about 3.1%.
• Analysts have an average rating of "Moderate Buy" with an average target of $26.66, and several firms recently raised price targets (e.g., Barclays $30, Stephens $29, Citi $28.50).

Interval Partners LP lifted its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 38.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,146,176 shares of the financial services provider's stock after acquiring an additional 318,445 shares during the period. Interval Partners LP owned approximately 0.23% of First Horizon worth $25,915,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp lifted its stake in First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider's stock worth $1,406,000 after purchasing an additional 47,119 shares during the last quarter. First Horizon Corp bought a new position in shares of First Horizon during the 3rd quarter valued at about $2,361,000. Allianz Asset Management GmbH purchased a new position in shares of First Horizon during the 3rd quarter valued at about $6,416,000. Voya Investment Management LLC raised its holdings in shares of First Horizon by 301.4% during the 3rd quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider's stock valued at $5,197,000 after buying an additional 172,599 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in First Horizon in the 3rd quarter worth approximately $1,211,000. Institutional investors own 80.28% of the company's stock.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the company's stock in a transaction dated 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 transaction, the executive vice president directly owned 619,132 shares of the company's stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Stephens upped their target price on First Horizon from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. Citigroup boosted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a report on Tuesday, February 24th. The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the company a "neutral" rating in a research note on Tuesday, January 6th. Truist Financial set a $27.00 target price on shares of First Horizon in a research report on Friday, January 9th. Finally, Barclays boosted their price target on shares of First Horizon from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and an average target price of $26.66.

First Horizon Stock Performance

Shares of FHN stock opened at $21.73 on Friday. The company has a market capitalization of $10.50 billion, a P/E ratio of 11.56, a PEG ratio of 0.84 and a beta of 0.61. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a 50 day moving average price of $24.34 and a two-hundred day moving average price of $23.11.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The firm had revenue of $892.00 million for the quarter, compared to analysts' expectations of $863.87 million. During the same quarter last year, the business earned $0.43 earnings per share. Analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.17 dividend. This is a boost from First Horizon's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. First Horizon's payout ratio is 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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