Algert Global LLC Purchases 73,840 Shares of First Horizon Corporation $FHN

Algert Global LLC increased its position in shares of First Horizon Corporation (NYSE:FHN) by 18.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 484,978 shares of the financial services provider’s stock after purchasing an additional 73,840 shares during the period. Algert Global LLC owned approximately 0.10% of First Horizon worth $10,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management grew its holdings in shares of First Horizon by 5.0% during the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after purchasing an additional 646,060 shares in the last quarter. Invesco Ltd. lifted its stake in First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after purchasing an additional 595,869 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of First Horizon by 45.0% in the 2nd 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 in the last quarter. Norges Bank acquired a new stake in shares of First Horizon in the 2nd quarter valued at $131,399,000. Finally, William Blair Investment Management LLC increased its stake in shares of First Horizon by 38.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after purchasing an additional 1,456,820 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on FHN. Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Citigroup raised their price target on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. National Bank Financial set a $27.00 price target on shares of First Horizon in a report on Friday, January 16th. Finally, Weiss Ratings upgraded First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.66.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.04% of the stock is owned by corporate insiders.

First Horizon Trading Down 2.0%

Shares of FHN stock opened at $21.73 on Monday. 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 1-year low of $15.19 and a 1-year high of $26.56. The stock has a 50-day moving average of $24.34 and a 200-day moving average of $23.11. The stock has a market cap of $10.50 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 0.82 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the company earned $0.43 EPS. On average, equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

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

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.