BlackRock Inc. Takes $1.51 Billion Position in First Horizon Corporation $FHN

Key Points

• BlackRock acquired a major First Horizon stake, purchasing 58.7 million shares worth approximately $1.51 billion, or about 12.37% of the company. Institutional investors collectively own 80.28% of First Horizon.
• First Horizon exceeded quarterly expectations, reporting adjusted earnings of $0.54 per share versus a $0.52 estimate and revenue of $887 million versus an $878.42 million consensus.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $27.26. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

BlackRock Inc. acquired a new stake in First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 58,706,667 shares of the financial services provider's stock, valued at approximately $1,505,239,000. BlackRock Inc. owned about 12.37% of First Horizon at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Investment Management LLC boosted its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted its holdings in First Horizon by 156.7% during the first 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 last quarter. Cary Street Partners Investment Advisory LLC grew its position in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,874 shares in the last quarter. Basecamp Wealth Advisors LLC grew its position in First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 746 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in First Horizon in the 4th quarter valued at $51,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

FHN has been the subject of several analyst reports. Raymond James Financial raised their price objective on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Finally, Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, First Horizon currently has a consensus rating of "Hold" and a consensus target price of $27.26.

First Horizon Trading Down 0.6%

Shares of FHN stock opened at $24.72 on Friday. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a market capitalization of $11.71 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 0.99 and a beta of 0.61. The firm has a 50 day moving average price of $25.50 and a two-hundred day moving average price of $24.50. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter last year, the firm earned $0.45 earnings per share. As a group, analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The business 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 $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

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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