Basswood Capital Management L.L.C. Invests $4.28 Million in First Horizon Corporation $FHN

Basswood Capital Management L.L.C. acquired a new position in shares of First Horizon Corporation (NYSE:FHN) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 179,018 shares of the financial services provider’s stock, valued at approximately $4,279,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of First Horizon by 8.5% during the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares during the last quarter. Norges Bank acquired a new stake in shares of First Horizon during the 4th quarter worth $153,942,000. William Blair Investment Management LLC increased its holdings 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 buying an additional 116,191 shares during the last quarter. Morgan Stanley increased its holdings in shares of First Horizon by 10.4% during the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock worth $124,580,000 after buying an additional 491,464 shares during the last quarter. Finally, Freestone Grove Partners LP increased its holdings in shares of First Horizon by 25.3% during the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after buying an additional 967,219 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 0.6%

Shares of NYSE FHN opened at $25.14 on Friday. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56. The company has a market cap of $11.93 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.98 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average price of $24.21 and a 200 day moving average price of $23.91.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. Research analysts anticipate that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio is currently 34.00%.

Analysts Set New Price Targets

FHN has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods upped their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Citigroup increased their price target on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.45.

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.