Verition Fund Management LLC Increases Holdings in First Horizon Corporation $FHN

Verition Fund Management LLC grew its stake in First Horizon Corporation (NYSE:FHN) by 53.8% during the 4th quarter, HoldingsChannel reports. The fund owned 2,411,629 shares of the financial services provider’s stock after purchasing an additional 843,799 shares during the quarter. Verition Fund Management LLC’s holdings in First Horizon were worth $57,638,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FHN. Thoroughbred Financial Services LLC increased its holdings in shares of First Horizon by 3.4% during the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in First Horizon by 0.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after purchasing an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock worth $963,000 after purchasing an additional 507 shares in the last quarter. Aaron Wealth Advisors LLC grew its position in First Horizon by 5.4% during the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 511 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in First Horizon by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 537 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on FHN shares. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Wells Fargo & Company raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Citigroup upped their price objective on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Finally, Keefe, Bruyette & Woods increased their target price on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $26.45.

First Horizon Price Performance

Shares of First Horizon stock opened at $25.14 on Monday. The stock 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 debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s fifty day moving average is $24.21 and its 200 day moving average is $23.93. First Horizon Corporation has a one year low of $19.03 and a one year high of $26.56.

First Horizon (NYSE:FHN) last released 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. The business had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. Sell-side analysts anticipate that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid 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 2.7%. First Horizon’s payout ratio is 34.00%.

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.