Interval Partners LP Acquires 39,164 Shares of First Horizon Corporation $FHN

Interval Partners LP grew its holdings in shares of First Horizon Corporation (NYSE:FHN) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,185,340 shares of the financial services provider’s stock after purchasing an additional 39,164 shares during the quarter. Interval Partners LP owned about 0.24% of First Horizon worth $28,330,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FHN. Norges Bank bought a new position in shares of First Horizon during the 4th quarter valued at $153,942,000. Artemis Investment Management LLP bought a new position in shares of First Horizon during the 4th quarter valued at $90,319,000. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon during the 3rd quarter valued at $49,180,000. Cullen Capital Management LLC grew its stake in First Horizon by 3,401.0% in the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock valued at $48,528,000 after buying an additional 1,972,461 shares during the last quarter. Finally, HRT Financial LP acquired a new position in First Horizon in the 4th quarter valued at $42,600,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $24.67 on Thursday. The firm’s 50-day moving average is $24.30 and its 200-day moving average is $23.98. First Horizon Corporation has a 52-week low of $19.18 and a 52-week high of $26.56. 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 company has a market cap of $11.71 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.97 and a beta of 0.60.

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, beating the consensus estimate of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. Equities research analysts anticipate that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Wells Fargo & Company raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 16th. Finally, Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.45.

First Horizon 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.