Forum Financial Management LP Boosts Stake in First Horizon Corporation $FHN

Forum Financial Management LP lifted its holdings in First Horizon Corporation (NYSE:FHN) by 7.0% in the 2nd quarter, Holdings Channel reports. The firm owned 15,477 shares of the financial services provider’s stock after acquiring an additional 1,010 shares during the period. Forum Financial Management LP’s holdings in First Horizon were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FHN. GAMMA Investing LLC increased its position in First Horizon by 42.0% during the first quarter. GAMMA Investing LLC now owns 12,949 shares of the financial services provider’s stock valued at $251,000 after acquiring an additional 3,832 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in First Horizon by 2.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock valued at $1,496,000 after acquiring an additional 1,481 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in First Horizon by 180.6% during the first quarter. Oppenheimer & Co. Inc. now owns 43,214 shares of the financial services provider’s stock valued at $839,000 after acquiring an additional 27,814 shares during the last quarter. Golden State Wealth Management LLC increased its position in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,658 shares during the last quarter. Finally, Argent Advisors Inc. purchased a new stake in First Horizon during the first quarter valued at $468,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $20.88 on Monday. The firm has a market cap of $10.60 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 0.84 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $22.27 and a 200-day moving average price of $20.92. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s dividend payout ratio is 36.36%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Royal Bank Of Canada upped their price objective on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Barclays boosted their price target on First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. Citigroup boosted their price target on First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Finally, Wells Fargo & Company cut their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.47.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.87% of the stock is currently owned by company insiders.

First Horizon Profile

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.