Vise Technologies Inc. Grows Stake in First Horizon Corporation $FHN

Vise Technologies Inc. raised its stake in First Horizon Corporation (NYSE:FHN) by 506.3% during the 4th quarter, HoldingsChannel reports. The firm owned 117,328 shares of the financial services provider’s stock after acquiring an additional 97,976 shares during the quarter. Vise Technologies Inc.’s holdings in First Horizon were worth $2,804,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FHN. Atlantic Union Bankshares Corp purchased a new position in First Horizon in the third quarter valued at about $25,000. Kestra Investment Management LLC raised its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised 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 period. Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares during the period. Finally, Bessemer Group Inc. raised its position in First Horizon by 51.5% in the third quarter. Bessemer Group Inc. now owns 3,243 shares of the financial services provider’s stock valued at $74,000 after purchasing an additional 1,103 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. DA Davidson reaffirmed a “neutral” rating and set a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Barclays dropped their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Company lifted their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Finally, Keefe, Bruyette & Woods lifted their target price on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average price target of $26.45.

First Horizon Stock Down 0.3%

Shares of NYSE FHN opened at $24.19 on Friday. First Horizon Corporation has a 1 year low of $19.03 and a 1 year high of $26.56. The firm has a market cap of $11.48 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.94 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50-day simple moving average is $23.98 and its 200-day simple moving average is $23.79.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned $0.42 earnings per share. As a group, equities analysts anticipate that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is 34.00%.

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.