Tectonic Advisors LLC Purchases New Shares in First Horizon Corporation $FHN

Key Points

• Tectonic Advisors LLC bought a new stake of 185,068 shares in First Horizon during Q4, valued at approximately $4.42 million.
• Wall Street consensus is a "Hold" with a $26.45 average price target; several analysts raised targets (e.g., Citigroup $28.50, Raymond James $27) after First Horizon beat Q4 EPS ($0.52 vs. $0.46).
• First Horizon increased its quarterly dividend to $0.17 (annualized $0.68) for a ~2.8% yield; the stock trades at a P/E of 12.8 and institutional investors own about 80% of the shares.

Tectonic Advisors LLC purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 185,068 shares of the financial services provider's stock, valued at approximately $4,423,000.

Several other large investors have also added to or reduced their stakes in FHN. Navigoe LLC bought a new stake in First Horizon in the third quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon during the 3rd quarter valued at $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon during the 3rd quarter valued at $31,000. Kestra Investment Management LLC boosted its holdings in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of research reports. TD Cowen boosted their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a report on Friday, January 16th. Weiss Ratings cut shares of First Horizon from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, March 17th. Raymond James Financial upped their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 7th. Citigroup raised their price objective on shares of First Horizon from $28.00 to $28.50 and gave the company a "buy" rating in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company upped their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, March 30th. Eight analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, First Horizon currently has a consensus rating of "Hold" and a consensus price target of $26.45.

Insider Transactions at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.91% of the company's stock.

First Horizon Price Performance

NYSE FHN opened at $24.06 on Monday. First Horizon Corporation has a 52 week low of $16.36 and a 52 week high of $26.56. The firm has a market capitalization of $11.49 billion, a P/E ratio of 12.80, a PEG ratio of 0.94 and a beta of 0.62. 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 50-day moving average price of $23.68 and a 200-day moving average price of $23.12.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the prior year, the firm earned $0.43 EPS. Equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were issued a $0.17 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.68 annualized dividend and a yield of 2.8%. This is a positive change from First Horizon's previous quarterly dividend of $0.15. First Horizon's payout ratio is currently 36.17%.

First Horizon Company 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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