PL Capital Advisors LLC Takes $2.39 Million Position in First Horizon Corporation $FHN

PL Capital Advisors LLC acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 100,000 shares of the financial services provider’s stock, valued at approximately $2,390,000. First Horizon makes up 0.8% of PL Capital Advisors LLC’s investment portfolio, making the stock its 16th largest position.

Other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its stake in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 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 valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 3,835 shares in the last quarter. Federated Hermes Inc. lifted its stake in First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after acquiring an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the topic of several research reports. Keefe, Bruyette & Woods boosted their target price on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Barclays cut their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. UBS Group cut First Horizon from a “buy” rating to a “neutral” rating and cut their target price for the company from $29.00 to $25.00 in a research note on Tuesday, April 7th. Zacks Research cut First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Finally, Wells Fargo & Company boosted their target price on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, March 30th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.45.

First Horizon Stock Down 0.8%

NYSE:FHN opened at $24.20 on Thursday. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62. First Horizon Corporation has a twelve month low of $19.03 and a twelve month high of $26.56. The stock’s 50 day moving average price is $23.71 and its two-hundred day moving average price is $23.68. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS. Equities research analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon’s payout ratio is 34.00%.

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.