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 $43.5 million, making the bank its third-largest holding and representing about 0.40% of First Horizon.
• First Horizon reported quarterly EPS of $0.54, beating estimates by $0.02, while revenue of $890 million also exceeded expectations. Analysts project full-year EPS of $2.15.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $27.16.

Arete Wealth Advisors LLC bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,910,481 shares of the financial services provider's stock, valued at approximately $43,483,000. First Horizon comprises 2.6% of Arete Wealth Advisors LLC's holdings, making the stock its 3rd biggest holding. Arete Wealth Advisors LLC owned approximately 0.40% of First Horizon as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its position in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of First Horizon by 88.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock valued at $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC lifted its stake in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock valued at $3,241,000 after purchasing an additional 26,323 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE FHN opened at $25.45 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock's 50 day simple moving average is $25.08 and its 200-day simple moving average is $24.35. The company has a market cap of $12.08 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.02 and a beta of 0.60. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56.

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

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. First Horizon's payout ratio is presently 32.54%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. DA Davidson restated a "neutral" rating and issued a $26.00 price target on shares of First Horizon in a research note on Thursday, April 16th. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 8th. Wells Fargo & Company increased their price target on First Horizon from $25.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. Finally, Evercore set a $27.00 price objective on First Horizon in a research report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $27.16.

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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