Magnetar Financial LLC Acquires Shares of 54,422 First Horizon Co. (NYSE:FHN)

Magnetar Financial LLC acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 54,422 shares of the financial services provider’s stock, valued at approximately $838,000.

A number of other hedge funds have also bought and sold shares of the company. HB Wealth Management LLC boosted its stake in shares of First Horizon by 10.3% during the fourth quarter. HB Wealth Management LLC now owns 26,071 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 2,433 shares during the period. Pacer Advisors Inc. boosted its stake in shares of First Horizon by 79.3% during the fourth quarter. Pacer Advisors Inc. now owns 84,010 shares of the financial services provider’s stock valued at $1,190,000 after purchasing an additional 37,168 shares during the period. JCSD Capital LLC boosted its stake in shares of First Horizon by 12.0% during the fourth quarter. JCSD Capital LLC now owns 140,000 shares of the financial services provider’s stock valued at $1,982,000 after purchasing an additional 15,000 shares during the period. Fifth Third Bancorp boosted its stake in shares of First Horizon by 59.7% during the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,797 shares during the period. Finally, Black Swift Group LLC purchased a new stake in shares of First Horizon during the fourth quarter valued at $3,404,000. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stephens initiated coverage on shares of First Horizon in a research note on Thursday, May 23rd. They set an “overweight” rating and a $19.00 target price for the company. Wells Fargo & Company upped their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Royal Bank of Canada upped their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Finally, Evercore ISI lowered their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.28 during midday trading on Friday, reaching $17.13. 5,205,707 shares of the stock were exchanged, compared to its average volume of 7,780,180. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 3.46 and a beta of 0.89. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46. The firm has a 50-day simple moving average of $15.61 and a two-hundred day simple moving average of $14.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the business earned $0.39 EPS. As a group, analysts anticipate that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced 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 3.50%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

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.