Interval Partners LP Grows Stake in First Horizon Corporation $FHN

Key Points

• Interval Partners LP increased its holdings in First Horizon Corporation by 71.1% during the first quarter, now owning approximately 721,475 shares valued at about $14 million.
• Several institutional investors have also significantly boosted their positions in First Horizon, with Millennium Management increasing their stake by over 102% in the fourth quarter.
• First Horizon is experiencing positive analyst sentiment, with target price increases from firms like Wells Fargo and Bank of America, alongside a consensus rating of "Moderate Buy".

Interval Partners LP grew its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 71.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 721,475 shares of the financial services provider's stock after purchasing an additional 299,735 shares during the period. Interval Partners LP owned about 0.14% of First Horizon worth $14,011,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FHN. Byrne Asset Management LLC grew its position in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares in the last quarter. Quarry LP boosted its position in shares of First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after acquiring an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of First Horizon during the 1st quarter worth approximately $73,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value 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 approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. 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 on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 in the last three months. 1.04% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Citigroup increased their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Bank of America increased their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Finally, Truist Financial raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

First Horizon Price Performance

First Horizon stock traded down $0.17 during mid-day trading on Wednesday, reaching $22.65. The company had a trading volume of 5,588,585 shares, compared to its average volume of 6,899,296. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.05. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.50 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.06 and a beta of 0.67. The business has a fifty day simple moving average of $22.09 and a 200 day simple moving average of $20.18.

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

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a dividend of $0.15 per share. 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 currently 38.71%.

First Horizon Company 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.