Freestone Grove Partners LP Makes New Investment in First Horizon Corporation $FHN

Freestone Grove Partners LP purchased a new stake in First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,385,619 shares of the financial services provider’s stock, valued at approximately $35,527,000. Freestone Grove Partners LP owned 0.29% of First Horizon at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FHN. Caisse de depot et placement du Quebec bought a new position in shares of First Horizon in the second quarter worth $14,911,000. Sculptor Capital LP bought a new stake in First Horizon during the second quarter valued at $84,612,000. Man Group plc purchased a new position in First Horizon during the second quarter worth about $6,453,000. Invst LLC purchased a new position in First Horizon during the second quarter worth about $943,000. Finally, Jupiter Topco LLC bought a new position in First Horizon in the 2nd quarter worth about $5,359,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent analyst reports. Wells Fargo & Company assumed coverage on First Horizon in a report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target on the stock. UBS Group reissued a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, JPMorgan Chase & Co. dropped their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.26.

First Horizon Trading Up 0.6%

NYSE FHN opened at $24.56 on Thursday. The stock’s 50-day simple moving average is $25.47 and its two-hundred day simple moving average is $24.47. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. Research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon’s payout ratio is presently 32.54%.

Insiders Place Their Bets

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.91% of the stock is owned by insiders.

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.