Havemeyer Place LP Makes New Investment in First Horizon Corporation $FHN

Havemeyer Place LP acquired a new position in First Horizon Corporation (NYSE:FHN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 61,785 shares of the financial services provider’s stock, valued at approximately $1,477,000.

A number of other large investors have also modified their holdings of the company. Invesco Ltd. raised its position in shares of First Horizon by 8.5% in the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after acquiring an additional 595,869 shares during the period. Norges Bank acquired a new position in shares of First Horizon in the fourth quarter worth about $153,942,000. William Blair Investment Management LLC raised its position in shares of First Horizon by 2.2% in 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 acquiring an additional 116,191 shares during the period. Freestone Grove Partners LP raised its position in shares of First Horizon by 25.3% in the third quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after acquiring an additional 967,219 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of First Horizon by 28.4% in the fourth quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock worth $91,993,000 after acquiring an additional 852,109 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Up 0.1%

FHN stock opened at $24.19 on Monday. The company has a market cap of $11.48 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.94 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. First Horizon Corporation has a 12 month low of $19.03 and a 12 month high of $26.56. The firm has a 50-day moving average of $23.98 and a two-hundred day moving average of $23.81.

First Horizon (NYSE:FHN) last released 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. The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. As a group, analysts forecast that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared 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 is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio is currently 34.00%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FHN. Barclays decreased their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. Wells Fargo & Company upped their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Finally, DA Davidson restated a “neutral” rating and set a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.