ExodusPoint Capital Management LP Acquires 1,155,187 Shares of First Horizon Co. (NYSE:FHN)

ExodusPoint Capital Management LP increased its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 700.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,320,187 shares of the financial services provider's stock after purchasing an additional 1,155,187 shares during the period. ExodusPoint Capital Management LP owned approximately 0.25% of First Horizon worth $26,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock valued at $111,270,000 after acquiring an additional 3,400,811 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in First Horizon in the 4th quarter worth about $304,000. Merit Financial Group LLC bought a new stake in First Horizon in the 4th quarter valued at about $453,000. Smith Group Asset Management LLC acquired a new position in shares of First Horizon during the 4th quarter worth approximately $1,813,000. Finally, Johnson Investment Counsel Inc. raised its position in shares of First Horizon by 2.8% in the fourth quarter. Johnson Investment Counsel Inc. now owns 2,661,592 shares of the financial services provider's stock valued at $53,604,000 after buying an additional 72,339 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of analyst reports. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target on the stock in a research report on Monday. Wells Fargo & Company increased their target price on First Horizon from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. UBS Group assumed coverage on First Horizon in a research note on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price target for the company. Keefe, Bruyette & Woods raised their target price on First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a report on Thursday, December 19th. Finally, Citigroup boosted their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.57.

Remove Ads

First Horizon Trading Up 2.8 %

Shares of NYSE FHN traded up $0.46 during midday trading on Tuesday, reaching $16.96. The stock had a trading volume of 2,097,503 shares, compared to its average volume of 6,240,937. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company's 50 day moving average price is $20.27 and its 200 day moving average price is $19.45. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Friday, March 14th. First Horizon's dividend payout ratio (DPR) is 44.12%.

Insider Activity

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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.