Maverick Capital Ltd. Has $689,000 Holdings in First Horizon Corporation $FHN

Key Points

• Maverick Capital Ltd. increased its stake in First Horizon Corporation by 117.7%, acquiring an additional 19,191 shares to reach a total of 35,493 shares, valued at approximately $689,000.
• Several institutional investors have also significantly increased their holdings in First Horizon, with Cary Street Partners boosting their position by an impressive 713.3% during the first quarter.
• First Horizon recently declared a quarterly dividend of $0.15 per share, translating to an annualized yield of 2.7%, with key dates for shareholders set for September 12th and October 1st.

Maverick Capital Ltd. lifted its position in First Horizon Corporation (NYSE:FHN - Free Report) by 117.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,493 shares of the financial services provider's stock after acquiring an additional 19,191 shares during the period. Maverick Capital Ltd.'s holdings in First Horizon were worth $689,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FHN. Millennium Management LLC boosted its holdings in shares of First Horizon by 102.3% during the fourth 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 worth $165,199,000 after purchasing an additional 6,827,040 shares during the period. Invesco Ltd. boosted 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 worth $131,192,000 after purchasing an additional 2,968,012 shares during the period. Nuveen LLC acquired a new stake in shares of First Horizon during the first quarter worth approximately $46,640,000. Finally, Sculptor Capital LP boosted 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 worth $94,517,000 after purchasing an additional 1,806,000 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,000 shares of the business's 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 in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction 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 completion of the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last 90 days. 0.87% of the stock is owned by corporate insiders.

First Horizon Stock Down 2.4%

NYSE FHN traded down $0.55 during trading on Friday, reaching $22.24. The company's stock had a trading volume of 11,552,141 shares, compared to its average volume of 9,790,048. 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 stock has a market capitalization of $11.29 billion, a PE ratio of 14.35, a PEG ratio of 1.08 and a beta of 0.67. The business has a 50-day moving average price of $22.04 and a 200-day moving average price of $20.18. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same period in the previous year, the company earned $0.36 earnings per share. On average, research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is presently 38.71%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Citigroup raised their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Wells Fargo & Company increased their price objective on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Royal Bank Of Canada restated an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Truist Financial lifted their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.34.

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.