Hudson Bay Capital Management LP Buys New Shares in First Horizon Corporation $FHN

Hudson Bay Capital Management LP bought a new position in shares of First Horizon Corporation (NYSE:FHN) during the third quarter, HoldingsChannel reports. The firm bought 609,981 shares of the financial services provider’s stock, valued at approximately $13,792,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swiss Life Asset Management Ltd lifted its position in shares of First Horizon by 72.5% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 22,947 shares of the financial services provider’s stock worth $519,000 after acquiring an additional 9,643 shares during the period. Cambria Investment Management L.P. grew its holdings in shares of First Horizon by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 28,199 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 5,634 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of First Horizon by 80.1% during the third quarter. CIBC Private Wealth Group LLC now owns 5,422 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 2,411 shares during the period. Prana Capital Management LP raised its stake in shares of First Horizon by 74.6% in the third quarter. Prana Capital Management LP now owns 22,821 shares of the financial services provider’s stock valued at $516,000 after purchasing an additional 9,751 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of First Horizon in the third quarter valued at $813,000. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $21.72 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business’s fifty day moving average price is $24.11 and its two-hundred day moving average price is $23.08. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The company had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same period last year, the business earned $0.43 earnings per share. As a group, analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 annualized dividend and a yield of 3.1%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is 36.17%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group reiterated a “buy” rating and set a $29.00 price target on shares of First Horizon in a research note on Wednesday, February 4th. Zacks Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Weiss Ratings downgraded shares of First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Horizon in a research report on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price on the stock. Finally, Barclays upped their target price on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.66.

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.