Brevan Howard Capital Management LP Sells 53,652 Shares of First Horizon Corporation $FHN

Brevan Howard Capital Management LP decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 17.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 255,120 shares of the financial services provider’s stock after selling 53,652 shares during the quarter. Brevan Howard Capital Management LP’s holdings in First Horizon were worth $5,768,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Azora Capital LP boosted its stake in shares of First Horizon by 2.2% in the 3rd quarter. Azora Capital LP now owns 2,668,701 shares of the financial services provider’s stock valued at $60,339,000 after purchasing an additional 58,457 shares in the last quarter. Bridgefront Capital LLC acquired a new position in First Horizon during the 3rd quarter worth approximately $750,000. California Public Employees Retirement System increased its position in First Horizon by 9.2% during 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 in the last quarter. Bank of America Corp DE lifted its stake in First Horizon by 7.6% in the 3rd 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 last quarter. Finally, Boothbay Fund Management LLC bought a new position in First Horizon in the 3rd quarter valued at approximately $378,000. Institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of research reports. Citigroup boosted their target price on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Barclays raised their price objective on First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. UBS Group restated a “buy” rating and set a $29.00 price objective on shares of First Horizon in a research report on Wednesday, February 4th. Weiss Ratings raised First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. Finally, TD Cowen increased their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $26.66.

First Horizon Price Performance

Shares of FHN stock opened at $21.73 on Monday. The business’s fifty day moving average is $24.34 and its 200 day moving average is $23.11. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. 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 Corporation has a twelve month low of $15.19 and a twelve month high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating 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 business 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 posted $0.43 earnings per share. Research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The firm also recently declared 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 is an increase from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. First Horizon’s dividend payout ratio is 36.17%.

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.