Algebris UK Ltd. Cuts Position in First Horizon Corporation $FHN

Algebris UK Ltd. decreased its position in shares of First Horizon Corporation (NYSE:FHN) by 55.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 963,300 shares of the financial services provider’s stock after selling 1,184,178 shares during the period. First Horizon comprises 2.5% of Algebris UK Ltd.’s investment portfolio, making the stock its 16th biggest position. Algebris UK Ltd. owned approximately 0.19% of First Horizon worth $21,764,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its stake in shares of First Horizon by 301.4% in the third 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. First Horizon Corp acquired a new position in First Horizon in the third quarter valued at approximately $2,361,000. Apollon Wealth Management LLC boosted its holdings in shares of First Horizon by 70.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 97,889 shares of the financial services provider’s stock valued at $2,213,000 after buying an additional 40,604 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in First Horizon in the third quarter valued at $1,211,000. Finally, Invesco Ltd. grew its stake in First Horizon by 3.8% during the 2nd quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider’s stock worth $148,632,000 after buying an additional 255,429 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FHN shares. UBS Group reissued a “buy” rating and set a $28.00 price target on shares of First Horizon in a report on Tuesday, January 6th. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Citigroup lifted their price objective on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. Finally, DA Davidson boosted their price target on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.58.

First Horizon Price Performance

FHN opened at $23.91 on Monday. The company has a 50-day moving average of $23.49 and a 200-day moving average of $22.54. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $25.21. The company has a market capitalization of $11.77 billion, a P/E ratio of 12.72, a PEG ratio of 0.90 and a beta of 0.61. 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 (NYSE:FHN) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The company had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. During the same quarter last year, the firm earned $0.43 EPS. Equities analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.04% of the company’s stock.

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.