North Reef Capital Management LP Reduces Stock Position in First Horizon Corporation $FHN

North Reef Capital Management LP reduced its position in shares of First Horizon Corporation (NYSE:FHN) by 1.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,370,000 shares of the financial services provider’s stock after selling 205,000 shares during the quarter. First Horizon accounts for about 13.1% of North Reef Capital Management LP’s investment portfolio, making the stock its biggest holding. North Reef Capital Management LP owned 2.51% of First Horizon worth $279,686,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Navigoe LLC bought a new stake in shares of First Horizon during the third quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in First Horizon in the 3rd quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new stake in First Horizon during the 3rd quarter valued at $31,000. Kestra Investment Management LLC boosted its stake in First Horizon by 873.1% during the 2nd 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. Finally, Geneos Wealth Management Inc. increased its holdings 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. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the company’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 sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the topic of several recent analyst reports. Truist Financial set a $27.00 price objective on First Horizon in a research report on Friday, January 9th. Barclays boosted their target price on First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Finally, Raymond James Financial boosted their price objective on shares of First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. One investment 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.66.

First Horizon Trading Up 0.6%

FHN stock opened at $21.87 on Tuesday. First Horizon Corporation has a 12 month low of $15.19 and a 12 month high of $26.56. The firm’s 50-day moving average is $24.28 and its 200 day moving average is $23.10. The company has a market capitalization 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.

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

First Horizon Increases Dividend

The company 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 is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. First Horizon’s dividend payout ratio is presently 36.17%.

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.