Magnetar Financial LLC Invests $3.78 Million in First Horizon Corporation $FHN

Magnetar Financial LLC acquired a new stake in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 167,220 shares of the financial services provider’s stock, valued at approximately $3,781,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AMG National Trust Bank grew its holdings in shares of First Horizon by 0.6% during the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock worth $2,314,000 after buying an additional 575 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of First Horizon by 57.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after buying an additional 635 shares in the last quarter. Concurrent Investment Advisors LLC boosted its position in First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after acquiring an additional 672 shares during the last quarter. Allen Capital Group LLC boosted its position in First Horizon by 1.2% during the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock worth $1,376,000 after acquiring an additional 732 shares during the last quarter. Finally, Allworth Financial LP grew its stake in First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 757 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 1.7%

FHN stock opened at $22.61 on Thursday. The firm has a market cap of $10.93 billion, a PE ratio of 12.03, a PEG ratio of 0.87 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s 50 day moving average price is $24.42 and its 200-day moving average price is $23.12. First Horizon Corporation has a one year low of $15.19 and a one year high of $26.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $888.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the prior year, the business posted $0.43 earnings per share. On average, equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FHN shares. Deutsche Bank Aktiengesellschaft assumed coverage on First Horizon in a report on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price on the stock. Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. TD Cowen lifted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “hold” 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 report on Monday, January 12th. Finally, Raymond James Financial raised their target price on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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 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 directly owned 619,132 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.87% 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.