Freestone Grove Partners LP Takes Position in First Horizon Corporation $FHN

Freestone Grove Partners LP bought a new stake in First Horizon Corporation (NYSE:FHN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,385,619 shares of the financial services provider’s stock, valued at approximately $35,527,000.

Several other institutional investors also recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its position in First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after purchasing an additional 26,323 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.91% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $24.56 on Thursday. The firm has a market cap of $11.64 billion, a P/E ratio of 11.75, a P/E/G ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The business’s 50 day moving average price is $25.47 and its 200-day moving average price is $24.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s payout ratio is presently 32.54%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Wells Fargo & Company began coverage on shares of First Horizon in a research report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price target for the company. Evercore set a $27.00 price target on shares of First Horizon in a research report on Monday, July 6th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $27.26.

About First Horizon

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.