Artemis Investment Management LLP Takes Position in First Horizon Corporation $FHN

Key Points

• Artemis Investment Management LLP acquired a new position of 3,779,026 shares of First Horizon (≈$90.3M), making the stock about 1.1% of Artemis’s holdings and Artemis about 0.77% owner of FHN.
• First Horizon reported Q1 EPS of $0.53 (beating estimates by $0.04) with revenue of $865M slightly below expectations; the company has a market cap of $11.89B, a PE of 12.45, and declared a $0.17 quarterly dividend (a 2.7% yield).
• Analyst coverage is mixed — the consensus rating is "Hold" with an average price target of $26.45, based on nine Buy and eleven Hold ratings.

Artemis Investment Management LLP acquired a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,779,026 shares of the financial services provider's stock, valued at approximately $90,319,000. First Horizon makes up approximately 1.1% of Artemis Investment Management LLP's holdings, making the stock its 28th biggest holding. Artemis Investment Management LLP owned about 0.77% of First Horizon at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Horizon Investments LLC boosted its position in shares of First Horizon by 6,163.5% in the 4th quarter. Horizon Investments LLC now owns 4,635 shares of the financial services provider's stock valued at $111,000 after purchasing an additional 4,561 shares during the period. Broussard Financial Group LLC acquired a new stake in shares of First Horizon in the fourth quarter worth about $468,000. Fifth Third Bancorp lifted its stake in shares of First Horizon by 80.1% in the fourth quarter. Fifth Third Bancorp now owns 12,747 shares of the financial services provider's stock worth $305,000 after buying an additional 5,670 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of First Horizon during the 4th quarter worth about $10,127,000. Finally, Torren Management LLC acquired a new position in First Horizon during the 4th quarter valued at $177,000. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $24.89 on Friday. The firm has a 50 day moving average of $23.46 and a 200-day moving average of $23.29. The stock has a market capitalization of $11.89 billion, a PE ratio of 12.45, a PEG ratio of 0.97 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12 month low of $18.43 and a 12 month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. During the same period in the previous year, the company earned $0.42 EPS. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts predict that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, June 12th. First Horizon's dividend payout ratio is currently 34.00%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Zacks Research cut shares of First Horizon from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $28.00 price target on shares of First Horizon in a report on Monday, January 12th. The Goldman Sachs Group set a $27.00 target price on First Horizon and gave the company a "neutral" rating in a research note on Tuesday, January 6th. TD Cowen lifted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday, January 16th. Finally, Raymond James Financial lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $26.45.

About First Horizon

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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