Carlson Capital L.P. Increases Stock Position in First Horizon Corporation $FHN

Carlson Capital L.P. grew its holdings in shares of First Horizon Corporation (NYSE:FHN) by 98.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,702 shares of the financial services provider’s stock after buying an additional 28,602 shares during the period. Carlson Capital L.P.’s holdings in First Horizon were worth $1,313,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FHN. Kestra Investment Management LLC lifted its holdings in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of 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 grew its stake in shares of 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 buying an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of First Horizon in the 4th quarter worth approximately $51,000. Finally, Cedar Mountain Advisors LLC bought a new position in First Horizon during the 1st quarter valued at approximately $77,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Evercore set a $27.00 price objective on First Horizon in a research note on Monday, July 6th. UBS Group reissued a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. JPMorgan Chase & Co. reduced their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their price target on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Finally, Wells Fargo & Company upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.16.

First Horizon Price Performance

NYSE FHN opened at $25.69 on Friday. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The stock has a 50-day moving average of $25.11 and a 200 day moving average of $24.36. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.01 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 0.97.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the previous year, the firm earned $0.45 EPS. On average, sell-side analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s payout ratio is currently 32.54%.

About First Horizon

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.