Capital Square LLC Acquires New Position in First Horizon Corporation $FHN

Capital Square LLC acquired a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 98,980 shares of the financial services provider's stock, valued at approximately $2,548,000. First Horizon comprises about 1.1% of Capital Square LLC's portfolio, making the stock its 24th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of First Horizon in the 2nd quarter valued at $1,505,239,000. Bank of New York Mellon Corp acquired a new position in First Horizon in the second quarter valued at about $747,445,000. North Reef Capital Management LP boosted its holdings in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after buying an additional 2,936,368 shares during the last quarter. Invesco Ltd. increased its stake in shares of First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock valued at $192,007,000 after acquiring an additional 426,951 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of First Horizon in the 4th quarter valued at approximately $153,942,000. Institutional investors own 80.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FHN shares. Weiss Ratings raised shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Autonomous Res lowered shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. National Bank Financial set a $29.00 target price on shares of First Horizon in a report on Thursday, July 16th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research report on Wednesday, July 1st. Finally, Raymond James Financial boosted 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. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $27.26.

First Horizon Stock Down 0.1%

Shares of First Horizon stock opened at $24.60 on Monday. The business's 50 day simple moving average is $25.48 and its 200 day simple moving average is $24.50. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The firm has a market cap of $11.65 billion, a PE ratio of 11.77, a P/E/G ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating 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 $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. During the same quarter in the previous year, the business posted $0.45 EPS. On average, analysts predict 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 will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's payout ratio is currently 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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