Entropy Technologies LP Has $1.89 Million Stock Holdings in First Horizon Corporation $FHN

Key Points

• Entropy Technologies LP nearly doubled its First Horizon stake in the first quarter, adding 41,152 shares to own 82,842 shares valued at approximately $1.89 million. Institutional investors collectively own 80.28% of FHN stock.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding the $0.52 analyst consensus, while revenue of $890 million also surpassed expectations.
• The company pays a quarterly dividend of $0.17 per share, equivalent to a 2.7% yield. Despite mixed analyst views, FHN has a consensus “Hold” rating and an average price target of $27.16.

Entropy Technologies LP boosted its position in First Horizon Corporation (NYSE:FHN - Free Report) by 98.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,842 shares of the financial services provider's stock after buying an additional 41,152 shares during the period. Entropy Technologies LP's holdings in First Horizon were worth $1,885,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FHN. Goldman Sachs Group Inc. grew its position in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. grew its holdings 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 last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after acquiring an additional 3,835 shares in the last quarter. Federated Hermes Inc. increased its position in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after acquiring an additional 26,323 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE:FHN opened at $25.51 on Monday. 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 has a 50 day simple moving average of $24.94 and a 200 day simple moving average of $24.32. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The stock has a market cap of $12.11 billion, a P/E ratio of 12.20, a PEG ratio of 1.01 and a beta of 0.60.

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 $890.00 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. Research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon's dividend payout ratio is 32.54%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Autonomous Res downgraded First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Evercore set a $27.00 price objective on First Horizon in a research note on Monday, July 6th. UBS Group reiterated a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Finally, National Bank Financial set a $29.00 target price on shares of First Horizon in a report on Thursday, July 16th. Nine 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, the stock presently has an average rating of "Hold" and a consensus price target of $27.16.

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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