Expect Equity LLC Acquires New Stake in First Horizon Corporation $FHN

Key Points

• Expect Equity LLC acquired 159,286 First Horizon shares worth approximately $4.08 million, making the bank its sixth-largest portfolio holding at 2.6%. Institutional investors collectively own 80.28% of FHN.
• First Horizon exceeded quarterly expectations with earnings of $0.54 per share versus the $0.52 consensus and revenue of $887 million versus $878.42 million expected.
• The company declared a quarterly dividend of $0.17 per share, or $0.68 annualized, representing a 2.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $27.26, compared with a recent price of $24.45.

Expect Equity LLC bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 159,286 shares of the financial services provider's stock, valued at approximately $4,084,000. First Horizon makes up approximately 2.6% of Expect Equity LLC's portfolio, making the stock its 6th largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kestra Investment Management LLC boosted its stake in shares of First Horizon by 873.1% in the second 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 during the period. Geneos Wealth Management Inc. increased its stake in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in First Horizon by 1,348.2% during the 4th 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 during the period. Basecamp Wealth Advisors LLC lifted its holdings in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock worth $47,000 after buying an additional 746 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in First Horizon during the 4th quarter worth approximately $51,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of NYSE FHN opened at $24.45 on Wednesday. The stock's 50-day simple moving average is $25.47 and its 200-day simple moving average is $24.48. The firm has a market capitalization of $11.59 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. 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 announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the prior year, the company posted $0.45 earnings per share. As a group, equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The business 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 dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon's payout ratio is currently 32.54%.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.91% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on FHN. Fundamental Research set a $28.50 price target on shares of First Horizon in a research report on Wednesday, July 1st. Truist Financial increased their price objective on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Wells Fargo & Company assumed coverage on First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price for the company. National Bank Financial set a $29.00 target price on First Horizon in a research note on Thursday, July 16th. Finally, Raymond James Financial upped 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 analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, First Horizon has a consensus rating of "Hold" and an average price target of $27.26.

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.

Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Corporation (NYSE:FHN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.