North Reef Capital Management LP boosted its holdings in shares of First Horizon Corporation (NYSE:FHN – Free Report) by 25.5% in the first quarter, Holdings Channel.com reports. The fund owned 14,453,208 shares of the financial services provider’s stock after buying an additional 2,936,368 shares during the quarter. First Horizon comprises 11.3% of North Reef Capital Management LP’s holdings, making the stock its largest holding. North Reef Capital Management LP’s holdings in First Horizon were worth $328,955,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. William Blair Investment Management LLC grew its stake in shares of First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after purchasing an additional 116,191 shares during the period. Andrew Hill Investment Advisors Inc. acquired a new position in First Horizon in the fourth quarter valued at about $7,059,000. Tectonic Advisors LLC acquired a new position in First Horizon in the fourth quarter valued at about $4,423,000. Qsemble Capital Management LP lifted its stake in First Horizon by 303.3% in the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock valued at $10,790,000 after buying an additional 339,508 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new position in First Horizon during the fourth quarter worth about $10,127,000. Institutional investors and hedge funds own 80.28% of the company’s stock.
Analysts Set New Price Targets
FHN has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Barclays reduced their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Truist Financial boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Finally, Evercore set a $27.00 target price on shares of First Horizon in a research note on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Hold” and an average target price of $27.16.
First Horizon Stock Down 0.1%
Shares of First Horizon stock opened at $25.51 on Friday. The company has a market capitalization of $12.11 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The business has a 50-day moving average of $24.94 and a two-hundred day moving average of $24.32. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56.
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter in the previous year, the business posted $0.45 EPS. As a group, equities analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.
First Horizon Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is 32.54%.
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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