Arete Wealth Advisors LLC Takes $43.48 Million Position in First Horizon Corporation $FHN

Key Points

• Arete Wealth Advisors acquired 1.91 million First Horizon shares worth approximately $43.48 million, making FHN its largest portfolio holding and representing about 3.1% of its portfolio.
• Institutional investors and hedge funds own 80.28% of First Horizon, with several major firms either initiating or expanding positions during the fourth quarter and first quarter.
• First Horizon reported quarterly EPS of $0.54, exceeding the $0.52 analyst estimate, while revenue also topped expectations. Analysts’ consensus rating remains “Hold,” with an average price target of $27.16.

Arete Wealth Advisors LLC acquired a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,910,481 shares of the financial services provider's stock, valued at approximately $43,483,000. First Horizon accounts for about 3.1% of Arete Wealth Advisors LLC's portfolio, making the stock its largest holding. Arete Wealth Advisors LLC owned approximately 0.40% of First Horizon as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in FHN. Norges Bank acquired a new position in shares of First Horizon in the 4th quarter worth approximately $153,942,000. Artemis Investment Management LLP acquired a new stake in First Horizon in the 4th quarter valued at $90,319,000. North Reef Capital Management LP boosted its stake in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock valued at $328,955,000 after buying an additional 2,936,368 shares in the last quarter. Cullen Capital Management LLC grew its position in First Horizon by 3,401.0% in the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider's stock valued at $48,528,000 after acquiring an additional 1,972,461 shares during the period. Finally, HRT Financial LP bought a new stake in First Horizon in the fourth quarter valued at $42,600,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FHN. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Raymond James Financial lifted their price target on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. UBS Group restated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Evercore set a $27.00 price objective on shares of First Horizon in a research note on Monday, July 6th. Finally, Weiss Ratings raised shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 8th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $27.16.

First Horizon Trading Up 2.1%

FHN opened at $26.02 on Wednesday. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The stock has a market capitalization of $12.35 billion, a PE ratio of 12.45, a PEG ratio of 1.01 and a beta of 0.60. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $25.02 and a two-hundred day moving average price of $24.34.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $890.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the prior year, the business earned $0.45 earnings per share. As a group, equities analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon 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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