Brevan Howard Capital Management LP Trims Position in First Horizon Corporation $FHN

Brevan Howard Capital Management LP lowered its position in shares of First Horizon Corporation (NYSE:FHN) by 17.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 255,120 shares of the financial services provider’s stock after selling 53,652 shares during the quarter. Brevan Howard Capital Management LP owned approximately 0.05% of First Horizon worth $5,768,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. LSV Asset Management raised its holdings in First Horizon by 5.0% in the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after acquiring an additional 646,060 shares during the last quarter. Invesco Ltd. boosted its position in shares of First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares during the period. JPMorgan Chase & Co. grew its holdings in First Horizon by 45.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after buying an additional 2,091,865 shares in the last quarter. Norges Bank bought a new position in First Horizon in the 2nd quarter worth approximately $131,399,000. Finally, William Blair Investment Management LLC increased its position in First Horizon by 38.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after acquiring an additional 1,456,820 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Down 2.0%

FHN opened at $21.73 on Monday. The firm’s fifty day moving average is $24.34 and its two-hundred day moving average is $23.11. The firm has a market cap of $10.50 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the prior year, the company earned $0.43 EPS. 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. Shareholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio is currently 36.17%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $25.00 target price on shares of First Horizon in a research note on Thursday, December 11th. Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. DA Davidson lifted their price objective on shares of First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. TD Cowen upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, January 16th. Finally, National Bank Financial set a $27.00 target price on shares of First Horizon in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insider Activity at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of First Horizon 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 transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.04% of the stock is currently owned by corporate insiders.

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.