Cinctive Capital Management LP Invests $3.94 Million in First Horizon Co. (NYSE:FHN)

Cinctive Capital Management LP purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 195,707 shares of the financial services provider's stock, valued at approximately $3,942,000.

Several other hedge funds also recently modified their holdings of the business. Versant Capital Management Inc raised its stake in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of First Horizon during the 4th quarter worth about $30,000. Kentucky Trust Co bought a new position in shares of First Horizon during the 4th quarter worth about $32,000. Lee Danner & Bass Inc. acquired a new position in shares of First Horizon during the fourth quarter valued at about $50,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,000 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.63 during mid-day trading on Tuesday, hitting $17.13. 1,806,008 shares of the stock were exchanged, compared to its average volume of 6,239,793. The company has a market cap of $8.81 billion, a P/E ratio of 12.61, a PEG ratio of 1.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44. The stock's fifty day simple moving average is $20.27 and its two-hundred day simple moving average is $19.45.

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First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the business posted $0.32 earnings per share. As a group, analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.50%. First Horizon's dividend payout ratio (DPR) is 44.12%.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.87% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Monday. Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. UBS Group initiated coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price target on the stock. Citigroup increased their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Stephens reiterated an "overweight" rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, First Horizon has an average rating of "Moderate Buy" and a consensus price target of $22.57.

First Horizon Company 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.