TMB Capital Partners LLC Acquires Shares of 23,132 First Horizon Corporation $FHN

TMB Capital Partners LLC bought a new position in First Horizon Corporation (NYSE:FHN) during the fourth quarter, HoldingsChannel.com reports. The fund bought 23,132 shares of the financial services provider’s stock, valued at approximately $553,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its holdings in shares of First Horizon by 5.6% in the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after purchasing an additional 426,951 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in First Horizon by 4.4% during the 4th quarter. Corient Private Wealth LLC now owns 126,632 shares of the financial services provider’s stock valued at $3,027,000 after buying an additional 5,281 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in First Horizon by 72.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider’s stock valued at $2,000,000 after buying an additional 35,208 shares in the last quarter. Beacon Pointe Advisors LLC boosted its position in First Horizon by 16.4% in the 4th quarter. Beacon Pointe Advisors LLC now owns 11,440 shares of the financial services provider’s stock valued at $273,000 after buying an additional 1,613 shares during the period. Finally, Mendon Capital Advisors Corp grew its stake in First Horizon by 1.6% in the 4th quarter. Mendon Capital Advisors Corp now owns 465,000 shares of the financial services provider’s stock worth $11,114,000 after acquiring an additional 7,230 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FHN has been the topic of a number of research reports. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Zacks Research lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Finally, Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.45.

First Horizon Price Performance

Shares of FHN opened at $24.80 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The company has a 50 day moving average price of $24.33 and a 200-day moving average price of $24.00. First Horizon Corporation has a fifty-two week low of $19.57 and a fifty-two week high of $26.56. The stock has a market capitalization of $11.77 billion, a PE ratio of 12.40, a PEG ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company posted $0.42 earnings per share. Equities analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s payout ratio is presently 34.00%.

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.