California Public Employees Retirement System Acquires 66,496 Shares of First Horizon Corporation $FHN

Key Points

• CalPERS increased its First Horizon stake by 6.9% in the first quarter, buying 66,496 additional shares and bringing its total holding to 1,035,323 shares valued at about $23.6 million.
• First Horizon reported better-than-expected quarterly results, posting EPS of $0.54 versus the $0.52 estimate and revenue of $890 million, while analysts now expect full-year EPS of 2.15.
• The stock remains broadly supported but rated cautiously, with an average analyst rating of “Hold” and an average price target of $27.16; the company also pays a quarterly dividend of $0.17 per share, or a 2.6% annual yield.

California Public Employees Retirement System boosted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,035,323 shares of the financial services provider's stock after acquiring an additional 66,496 shares during the period. California Public Employees Retirement System owned 0.22% of First Horizon worth $23,564,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kestra Investment Management LLC boosted its stake in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of 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 valued at $35,000 after buying an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC raised its stake 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 worth $48,000 after buying an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in First Horizon in the fourth quarter worth about $51,000. Finally, Cedar Mountain Advisors LLC purchased a new stake in First Horizon in the first quarter worth about $77,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

FHN stock opened at $25.73 on Thursday. The stock has a market capitalization of $12.21 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. 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 stock's 50 day simple moving average is $24.87 and its 200 day simple moving average is $24.31.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS 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 business had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same quarter last year, the company earned $0.45 EPS. As a group, research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors 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 dividend yield of 2.6%. First Horizon's dividend payout ratio (DPR) is 32.54%.

Analysts Set New Price Targets

A number of research analysts have weighed in on FHN shares. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Keefe, Bruyette & Woods raised their target price on First Horizon from $25.00 to $26.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Truist Financial lifted their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Finally, Fundamental Research set a $28.50 price target on First Horizon in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target 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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