12th Street Asset Management Company LLC Buys New Position in First Horizon Corporation $FHN

12th Street Asset Management Company LLC bought a new stake in First Horizon Corporation (NYSE:FHN) during the fourth quarter, HoldingsChannel.com reports. The fund bought 739,938 shares of the financial services provider’s stock, valued at approximately $17,685,000. First Horizon makes up about 2.9% of 12th Street Asset Management Company LLC’s investment portfolio, making the stock its 14th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Fisher Asset Management LLC grew its stake in First Horizon by 24.9% in the fourth quarter. Fisher Asset Management LLC now owns 1,357,989 shares of the financial services provider’s stock valued at $32,456,000 after purchasing an additional 270,490 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of First Horizon by 148.6% during the 4th quarter. Hantz Financial Services Inc. now owns 11,369 shares of the financial services provider’s stock worth $272,000 after purchasing an additional 6,796 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of First Horizon by 2.2% during the 4th 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 in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of First Horizon by 796.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 74,262 shares of the financial services provider’s stock valued at $1,775,000 after buying an additional 65,978 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of First Horizon by 1,880.5% in the 4th quarter. Global Retirement Partners LLC now owns 21,033 shares of the financial services provider’s stock valued at $503,000 after buying an additional 19,971 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Up 0.1%

First Horizon stock opened at $24.26 on Tuesday. The stock has a market cap of $11.51 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.95 and a beta of 0.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $19.03 and a twelve month high of $26.56. The company’s 50-day moving average price is $23.61 and its two-hundred day moving average price is $23.64.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same period in the prior year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, analysts expect that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is currently 34.00%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and dropped their target price for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Weiss Ratings upgraded shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 16th. Finally, Wells Fargo & Company lifted their price target on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $26.45.

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.