Lighthouse Investment Partners LLC Buys 41,058 Shares of First Horizon Corporation $FHN

Lighthouse Investment Partners LLC grew its position in First Horizon Corporation (NYSE:FHN) by 18.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 268,287 shares of the financial services provider’s stock after acquiring an additional 41,058 shares during the quarter. Lighthouse Investment Partners LLC owned about 0.05% of First Horizon worth $6,066,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FHN. Goldman Sachs Group Inc. grew its holdings in First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Envestnet Asset Management Inc. grew its position in First Horizon by 6.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 106,607 shares of the financial services provider’s stock worth $2,260,000 after purchasing an additional 6,648 shares during the last quarter. Allworth Financial LP increased its position in shares of First Horizon by 57.9% in the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 757 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of First Horizon by 4.0% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 130,324 shares of the financial services provider’s stock valued at $2,763,000 after purchasing an additional 5,067 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FHN has been the subject of several analyst reports. TD Cowen boosted their price objective on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, January 16th. UBS Group reiterated a “buy” rating and issued a $29.00 target price on shares of First Horizon in a research report on Wednesday, February 4th. Raymond James Financial boosted their price target on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings raised First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Finally, Barclays lifted their target price on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.66.

Insider Activity at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.04% of the stock is owned by company insiders.

First Horizon Stock Up 0.6%

First Horizon stock opened at $21.87 on Tuesday. The stock has a market cap of $10.56 billion, a PE ratio of 11.63, a P/E/G ratio of 0.82 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock’s fifty day moving average is $24.28 and its two-hundred day moving average is $23.10. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $26.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the firm earned $0.43 EPS. On average, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is presently 36.17%.

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.