Choreo LLC Purchases New Shares in First Horizon Co. (NYSE:FHN)

Choreo LLC acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 50,330 shares of the financial services provider’s stock, valued at approximately $791,000.

A number of other hedge funds have also recently bought and sold shares of the company. Crestline Management LP lifted its position in shares of First Horizon by 100.8% during the fourth quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock valued at $5,664,000 after purchasing an additional 200,846 shares in the last quarter. Sei Investments Co. lifted its position in shares of First Horizon by 57.6% during the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after buying an additional 155,982 shares in the last quarter. LSV Asset Management boosted its stake in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares during the last quarter. Greenlight Capital Inc. boosted its stake in shares of First Horizon by 6.2% in the 4th quarter. Greenlight Capital Inc. now owns 1,377,090 shares of the financial services provider’s stock worth $19,500,000 after buying an additional 80,070 shares during the last quarter. Finally, Point72 Europe London LLP bought a new position in shares of First Horizon in the fourth quarter valued at approximately $6,785,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of FHN opened at $15.81 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $8.47 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88. First Horizon Co. has a 52-week low of $10.08 and a 52-week high of $17.46. The stock’s 50-day simple moving average is $15.97 and its 200 day simple moving average is $15.39.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter in the prior year, the company earned $0.39 earnings per share. Research analysts forecast that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.80%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FHN shares. Jefferies Financial Group boosted their price objective on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Royal Bank of Canada lifted their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Barclays increased their price objective on First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Finally, Stephens began coverage on First Horizon in a research note on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price on the stock. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.31.

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.