Bridgefront Capital LLC Buys Shares of 33,165 First Horizon Corporation $FHN

Bridgefront Capital LLC purchased a new position in First Horizon Corporation (NYSE:FHN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 33,165 shares of the financial services provider’s stock, valued at approximately $750,000.

Other hedge funds have also recently modified their holdings of the company. California Public Employees Retirement System raised its holdings in First Horizon by 9.2% in the 3rd quarter. California Public Employees Retirement System now owns 971,904 shares of the financial services provider’s stock worth $21,975,000 after purchasing an additional 82,086 shares during the period. Bank of America Corp DE grew its holdings in First Horizon by 7.6% during the third quarter. Bank of America Corp DE now owns 2,569,922 shares of the financial services provider’s stock valued at $58,106,000 after purchasing an additional 181,341 shares during the period. Boothbay Fund Management LLC bought a new stake in First Horizon during the third quarter valued at about $378,000. Algert Global LLC increased its position in First Horizon by 18.0% in the third quarter. Algert Global LLC now owns 484,978 shares of the financial services provider’s stock worth $10,965,000 after buying an additional 73,840 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in First Horizon by 31.1% in the third quarter. Alliancebernstein L.P. now owns 1,228,446 shares of the financial services provider’s stock worth $27,775,000 after buying an additional 291,653 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of analyst reports. Raymond James Financial lifted their price objective on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. UBS Group reissued a “buy” rating and issued a $29.00 target price on shares of First Horizon in a report on Wednesday, February 4th. Barclays lifted their price target on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. TD Cowen upped their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, January 16th. Finally, The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average price target of $26.66.

First Horizon Stock Down 2.0%

Shares of FHN opened at $21.73 on Monday. The business’s 50 day moving average is $24.34 and its 200 day moving average is $23.11. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $26.56. The company has a market capitalization of $10.50 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the prior year, the company posted $0.43 EPS. Research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 3.1%. First Horizon’s dividend payout ratio is 36.17%.

Insiders Place Their Bets

In other First Horizon 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 value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.