Maverick Capital Ltd. Purchases 19,191 Shares of First Horizon Corporation $FHN

Maverick Capital Ltd. raised its position in shares of First Horizon Corporation (NYSE:FHN) by 117.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,493 shares of the financial services provider’s stock after purchasing an additional 19,191 shares during the period. Maverick Capital Ltd.’s holdings in First Horizon were worth $689,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FHN. Millennium Management LLC grew its holdings in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock valued at $165,199,000 after purchasing an additional 6,827,040 shares during the period. Invesco Ltd. grew its holdings in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after purchasing an additional 2,968,012 shares during the period. Nuveen LLC bought a new position in First Horizon during the first quarter valued at $46,640,000. Finally, Sculptor Capital LP grew its holdings in First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock valued at $94,517,000 after purchasing an additional 1,806,000 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

NYSE:FHN opened at $22.59 on Tuesday. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The stock has a fifty day moving average of $21.90 and a 200 day moving average of $20.14. 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 posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter last year, the company earned $0.36 earnings per share. On average, research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.7%. First Horizon’s dividend payout ratio (DPR) is currently 38.71%.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 in the last three months. 1.04% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FHN has been the subject of a number of analyst reports. Bank of America raised their price target on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Barclays lifted their price target on First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, August 23rd. Raymond James Financial reiterated an “outperform” rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. lifted their price target on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.34.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.