Magnetar Financial LLC Makes New $838,000 Investment in First Horizon Co. (NYSE:FHN)

Magnetar Financial LLC purchased a new position in First Horizon Co. (NYSE:FHN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 54,422 shares of the financial services provider’s stock, valued at approximately $838,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after purchasing an additional 19,728,357 shares during the period. LSV Asset Management raised its holdings in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of First Horizon by 10.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock worth $136,526,000 after purchasing an additional 883,503 shares during the period. Finally, Norges Bank purchased a new position in shares of First Horizon in the 4th quarter worth about $86,487,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE:FHN traded up $0.28 during midday trading on Friday, reaching $17.13. 5,205,707 shares of the company traded hands, compared to its average volume of 7,780,180. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 3.46 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The company has a fifty day moving average price of $15.61 and a 200 day moving average price of $14.97.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, analysts expect that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.50%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Ratings Changes

FHN has been the topic of several analyst reports. Evercore ISI dropped their target price on First Horizon from $18.50 to $17.50 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Barclays lifted their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a report on Thursday, July 18th. Finally, Robert W. Baird lifted their target price on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.31.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.