AXQ Capital LP Purchases New Position in First Horizon Corporation $FHN

AXQ Capital LP acquired a new stake in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 23,208 shares of the financial services provider’s stock, valued at approximately $525,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of First Horizon during the second quarter worth $131,399,000. Azora Capital LP grew its position in First Horizon by 1,020.5% during the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after acquiring an additional 2,377,300 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in First Horizon in the 3rd quarter worth about $49,180,000. JPMorgan Chase & Co. raised its position in First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after purchasing an additional 2,091,865 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN opened at $24.12 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $24.58 and its two-hundred day simple moving average is $23.00. First Horizon Corporation has a 12 month low of $15.19 and a 12 month high of $26.56. The stock has a market capitalization of $11.87 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 0.91 and a beta of 0.63.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $863.87 million. During the same period in the previous year, the business earned $0.43 EPS. As a group, analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.8%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s payout ratio is presently 31.91%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FHN. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $28.00 price target on shares of First Horizon in a research report on Monday, January 12th. Citigroup lifted their price target on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a report on Tuesday, January 6th. Finally, Stephens raised their target price on First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.66.

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 value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.04% of the company’s stock.

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.