Empowered Funds LLC Takes Position in First Horizon Corporation $FHN

Key Points

• Empowered Funds LLC purchased 122,538 shares of First Horizon worth approximately $2.8 million, while institutional investors collectively own 80.28% of the company.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.52 consensus estimate and revenue of $890 million versus forecasts of $878.42 million.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.6% yield; analysts maintain a consensus “Hold” rating with an average price target of $27.16.

Empowered Funds LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 122,538 shares of the financial services provider's stock, valued at approximately $2,789,000.

A number of other institutional investors also recently bought and sold shares of the stock. Quantinno Capital Management LP lifted its position in First Horizon by 69.7% in the first quarter. Quantinno Capital Management LP now owns 347,358 shares of the financial services provider's stock worth $7,906,000 after buying an additional 142,716 shares during the last quarter. Sculptor Capital LP increased its position in First Horizon by 4.9% during the first quarter. Sculptor Capital LP now owns 3,300,000 shares of the financial services provider's stock valued at $75,108,000 after acquiring an additional 155,000 shares during the last quarter. Quadcap Wealth Management LLC bought a new position in First Horizon during the first quarter valued at $387,000. North Reef Capital Management LP raised its stake in shares of First Horizon by 25.5% in the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock valued at $328,955,000 after acquiring an additional 2,936,368 shares during the period. Finally, Waverly Advisors LLC raised its stake in shares of First Horizon by 3.8% in the first quarter. Waverly Advisors LLC now owns 193,603 shares of the financial services provider's stock valued at $4,406,000 after acquiring an additional 7,079 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of FHN stock opened at $26.07 on Wednesday. The company has a market capitalization of $12.37 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.02 and a beta of 0.61. The company's 50-day simple moving average is $25.17 and its two-hundred day simple moving average is $24.39. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. First Horizon's dividend payout ratio (DPR) is currently 32.54%.

Analyst Ratings Changes

A number of research firms recently commented on FHN. 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. DA Davidson reissued a "neutral" rating and issued a $26.00 price objective on shares of First Horizon in a research note on Thursday, April 16th. National Bank Financial set a $29.00 target price on First Horizon in a research report on Thursday, July 16th. Barclays dropped their target price on First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Finally, Raymond James Financial increased their price target on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a report 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 assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $27.16.

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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