Lighthouse Investment Partners LLC Purchases Shares of 412,740 First Horizon Co. (NYSE:FHN)

Lighthouse Investment Partners LLC acquired a new position in First Horizon Co. (NYSE:FHN) during the second quarter, HoldingsChannel.com reports. The fund acquired 412,740 shares of the financial services provider’s stock, valued at approximately $6,509,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FHN. Rise Advisors LLC acquired a new stake in First Horizon in the first quarter valued at approximately $25,000. Family Firm Inc. purchased a new position in First Horizon during the 2nd quarter worth $28,000. Fidelis Capital Partners LLC acquired a new position in First Horizon during the 1st quarter valued at about $28,000. Fortitude Family Office LLC raised its stake in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,102 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. acquired a new stake in First Horizon in the second quarter worth about $31,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 0.9 %

Shares of FHN opened at $15.39 on Friday. The stock’s 50-day moving average price is $15.86 and its 200-day moving average price is $15.46. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 3.17 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.

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). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same period in the previous year, the business earned $0.39 EPS. On average, sell-side analysts predict that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.90%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FHN. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Royal Bank of Canada lifted 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. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a research report on Tuesday. Finally, Evercore ISI lowered their price target on First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research report on Tuesday, September 17th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $17.38.

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.