Moore Capital Management LP Acquires 500,000 Shares of First Horizon Corporation $FHN

Moore Capital Management LP boosted its position in First Horizon Corporation (NYSE:FHN) by 122.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 908,000 shares of the financial services provider’s stock after purchasing an additional 500,000 shares during the quarter. Moore Capital Management LP’s holdings in First Horizon were worth $21,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC lifted its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in First Horizon in the 4th quarter worth approximately $51,000. Finally, Triumph Capital Management bought a new position in shares of First Horizon in the 3rd quarter worth $77,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FHN. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Finally, Wells Fargo & Company increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, First Horizon has a consensus rating of “Hold” and an average target price of $26.45.

First Horizon Price Performance

FHN stock opened at $24.67 on Thursday. The firm’s 50-day moving average price is $24.30 and its two-hundred day moving average price is $23.98. First Horizon Corporation has a 12-month low of $19.18 and a 12-month high of $26.56. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.97 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 (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter in the previous year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, equities analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a $0.17 dividend. 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 payout ratio is presently 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.