Financial Partners Group LLC Has $2.51 Million Holdings in First Horizon Corporation $FHN

Key Points

• Financial Partners Group LLC increased its holdings in First Horizon Corporation by 21.0% during the 2nd quarter, now owning $2.51 million worth of shares, making it the company’s 29th largest holding.
• Several institutional investors, including UBS Asset Management and Invesco Ltd., significantly raised their holdings in First Horizon in the 1st quarter, collectively owning 80.28% of the stock.
• First Horizon recently reported earnings of $0.45 EPS, beating estimates, while also proclaiming a dividend of $0.15 per share set to be paid on October 1st.

Financial Partners Group LLC lifted its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 21.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,484 shares of the financial services provider's stock after acquiring an additional 20,548 shares during the quarter. First Horizon makes up approximately 0.9% of Financial Partners Group LLC's holdings, making the stock its 29th largest holding. Financial Partners Group LLC's holdings in First Horizon were worth $2,512,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Horizon by 53.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock worth $244,594,000 after buying an additional 4,392,405 shares in the last quarter. Invesco Ltd. lifted its holdings in First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after buying an additional 2,968,012 shares in the last quarter. Sculptor Capital LP lifted its holdings in First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after buying an additional 1,806,000 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in First Horizon by 17.8% during the 1st quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider's stock worth $61,953,000 after buying an additional 483,144 shares in the last quarter. Finally, Samlyn Capital LLC lifted its holdings in First Horizon by 34.8% during the 1st quarter. Samlyn Capital LLC now owns 3,110,684 shares of the financial services provider's stock worth $60,409,000 after buying an additional 802,936 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FHN shares. Citigroup upped their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Truist Financial upped their price objective on First Horizon from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a report on Sunday. Barclays upped their target price on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $23.91.

First Horizon Stock Performance

Shares of First Horizon stock opened at $22.84 on Friday. The firm has a fifty day moving average of $22.30 and a two-hundred day moving average of $20.44. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the prior year, the company earned $0.36 EPS. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon's dividend payout ratio is currently 38.71%.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,295 shares of company stock valued at $3,322,663. 0.87% of the stock is owned by corporate insiders.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.