Magnetar Financial LLC Takes Position in First Horizon Corporation $FHN

Magnetar Financial LLC acquired a new position in shares of First Horizon Corporation (NYSE:FHN) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 167,220 shares of the financial services provider’s stock, valued at approximately $3,781,000.

Several other institutional investors have also recently added to or reduced their stakes in FHN. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of First Horizon by 313.2% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after buying an additional 47,119 shares during the period. First Horizon Corp purchased a new position in First Horizon during the 3rd quarter valued at about $2,361,000. Allianz Asset Management GmbH acquired a new position in First Horizon in the 3rd quarter valued at about $6,416,000. Voya Investment Management LLC grew its position in First Horizon by 301.4% in the 3rd quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after acquiring an additional 172,599 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in First Horizon during the third quarter worth about $1,211,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Down 1.7%

FHN stock opened at $22.61 on Thursday. The company’s 50 day moving average price is $24.42 and its 200 day moving average price is $23.12. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.87 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The company had revenue of $888.00 million during the quarter, compared to the consensus estimate of $863.87 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. On average, equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is 31.91%.

Wall Street Analyst Weigh In

FHN has been the topic of several research reports. UBS Group reissued a “buy” rating and set a $29.00 price target on shares of First Horizon in a research report on Wednesday, February 4th. Weiss Ratings raised shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Zacks Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. Stephens raised their price target on shares of First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Finally, Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.66.

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.