39,937 Shares in First Horizon Corporation $FHN Purchased by Illumine Investment Management LLC

Key Points

• Illumine Investment Management opened a new position in First Horizon Corp. during the first quarter, buying 39,937 shares valued at about $909,000.
• First Horizon’s latest quarterly results beat earnings expectations, posting $0.53 EPS versus the $0.49 estimate, while revenue rose 6.2% year over year.
• The bank recently paid a quarterly dividend of $0.17 per share, and Wall Street currently has a Hold consensus rating with a target price of about $27.12.

Illumine Investment Management LLC purchased a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,937 shares of the financial services provider's stock, valued at approximately $909,000.

Other institutional investors also recently added to or reduced their stakes in the company. William Blair Investment Management LLC boosted its stake in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock valued at $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Andrew Hill Investment Advisors Inc. acquired a new stake in shares of First Horizon during the fourth quarter worth about $7,059,000. Hudson Bay Capital Management LP acquired a new stake in First Horizon during the 3rd quarter valued at approximately $13,792,000. Tectonic Advisors LLC purchased a new stake in First Horizon in the fourth quarter valued at $4,423,000. Finally, Qsemble Capital Management LP boosted its stake in shares of First Horizon by 303.3% in the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider's stock worth $10,790,000 after buying an additional 339,508 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

First Horizon stock opened at $25.82 on Tuesday. The firm has a market cap of $12.25 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company's 50 day moving average is $24.70 and its two-hundred day moving average is $24.24. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS. On average, research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon's payout ratio is 34.00%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. Truist Financial boosted their price target on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Evercore set a $27.00 target price on First Horizon in a research note on Monday, July 6th. Finally, Zacks Research lowered shares of First Horizon from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 20th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $27.12.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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