79,042 Shares in First Horizon Corporation $FHN Bought by Fox Run Management L.L.C.

Fox Run Management L.L.C. bought a new stake in First Horizon Corporation (NYSE:FHN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 79,042 shares of the financial services provider’s stock, valued at approximately $1,787,000.

Other hedge funds also recently modified their holdings of the company. Counterpoint Mutual Funds LLC grew its position in shares of First Horizon by 6.4% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 15,730 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 944 shares during the period. AXQ Capital LP bought a new position in First Horizon in the third quarter valued at approximately $525,000. First Financial Bankshares Inc boosted its holdings in shares of First Horizon by 35.1% in the third quarter. First Financial Bankshares Inc now owns 42,901 shares of the financial services provider’s stock valued at $970,000 after buying an additional 11,141 shares during the period. Compound Planning Inc. increased its position in shares of First Horizon by 8.6% during the third quarter. Compound Planning Inc. now owns 18,486 shares of the financial services provider’s stock worth $418,000 after acquiring an additional 1,459 shares in the last quarter. Finally, Equitable Trust Co. increased its position in shares of First Horizon by 7.3% during the third quarter. Equitable Trust Co. now owns 21,983 shares of the financial services provider’s stock worth $497,000 after acquiring an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Up 0.1%

FHN stock opened at $24.12 on Wednesday. The company has a market cap of $11.87 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 0.91 and a beta of 0.63. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $26.56. The business has a 50 day moving average price of $24.58 and a two-hundred day moving average price of $23.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FHN. Barclays upped their target price on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Horizon in a research report on Monday, December 29th. Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Finally, Truist Financial set a $27.00 price target on shares of First Horizon in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insider Activity

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction dated 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 directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.04% of the company’s stock.

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.