185,068 Shares in First Horizon Corporation $FHN Acquired by Tectonic Advisors LLC

Tectonic Advisors LLC bought a new position in First Horizon Corporation (NYSE:FHN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 185,068 shares of the financial services provider’s stock, valued at approximately $4,423,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Goldman Sachs Group Inc. boosted its stake in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC boosted its stake in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the period. Federated Hermes Inc. boosted its stake in First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC boosted its stake in First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Up 0.0%

Shares of FHN opened at $24.06 on Monday. The company has a market cap of $11.49 billion, a PE ratio of 12.80, a P/E/G ratio of 0.94 and a beta of 0.62. The business has a fifty day moving average of $23.68 and a 200 day moving average of $23.12. First Horizon Corporation has a 52-week low of $16.36 and a 52-week high of $26.56. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, March 13th. First Horizon’s dividend payout ratio is 36.17%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FHN has been the subject of several recent analyst reports. Barclays dropped their price target on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. UBS Group downgraded First Horizon from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Weiss Ratings downgraded First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, March 17th. JPMorgan Chase & Co. lowered their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. Finally, DA Davidson increased their target price on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Eight equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.45.

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.