Basswood Capital Management L.L.C. Acquires Shares of 179,018 First Horizon Corporation $FHN

Basswood Capital Management L.L.C. acquired a new stake in First Horizon Corporation (NYSE:FHN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 179,018 shares of the financial services provider’s stock, valued at approximately $4,279,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its position in First Horizon by 8.5% in the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock valued at $171,990,000 after buying an additional 595,869 shares during the last quarter. Norges Bank purchased a new position in First Horizon in the 4th quarter valued at about $153,942,000. William Blair Investment Management LLC boosted its position in First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after buying an additional 116,191 shares during the last quarter. Morgan Stanley boosted its position in First Horizon by 10.4% in the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock valued at $124,580,000 after buying an additional 491,464 shares during the last quarter. Finally, Freestone Grove Partners LP boosted its position in First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock valued at $108,267,000 after buying an additional 967,219 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of FHN stock opened at $25.14 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. First Horizon Corporation has a one year low of $19.03 and a one year high of $26.56. The company’s 50-day simple moving average is $24.21 and its 200-day simple moving average is $23.91. The stock has a market capitalization of $11.93 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.98 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter last year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities analysts anticipate 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 dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

Analysts Set New Price Targets

A number of research firms have weighed in on FHN. Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods upped their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. DA Davidson reissued a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a research report on Thursday, April 16th. Barclays reduced their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Finally, Wells Fargo & Company increased their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, First Horizon has an average rating of “Hold” and a consensus target price of $26.45.

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.