Cinctive Capital Management LP Buys 74,206 Shares of First Horizon Corporation $FHN

Cinctive Capital Management LP raised its stake in shares of First Horizon Corporation (NYSE:FHN) by 18.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 477,149 shares of the financial services provider’s stock after purchasing an additional 74,206 shares during the quarter. Cinctive Capital Management LP owned 0.10% of First Horizon worth $11,404,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in First Horizon in the fourth quarter valued at about $153,942,000. Artemis Investment Management LLP acquired a new position in First Horizon in the fourth quarter valued at about $90,319,000. Jupiter Asset Management Ltd. acquired a new position in First Horizon in the third quarter valued at about $49,180,000. Cullen Capital Management LLC boosted its position in First Horizon by 3,401.0% in the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock valued at $48,528,000 after buying an additional 1,972,461 shares in the last quarter. Finally, HRT Financial LP acquired a new position in First Horizon in the fourth quarter valued at about $42,600,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $24.67 on Thursday. First Horizon Corporation has a 1 year low of $19.18 and a 1 year high of $26.56. The firm’s 50 day moving average is $24.30 and its 200-day moving average is $23.98. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.97 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Wells Fargo & Company boosted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their price target for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. JPMorgan Chase & Co. reduced their price target on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Finally, Citigroup boosted their price target on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $26.45.

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.