First Horizon Corporation $FHN Shares Bought by North Reef Capital Management LP

Key Points

• North Reef Capital Management increased its stake in First Horizon by 25.5% in the first quarter, adding 2.94 million shares and making FHN its largest holding at 11.3% of the portfolio.
• First Horizon reported better-than-expected quarterly results, with EPS of $0.54 versus the $0.52 estimate and revenue of $890 million versus $878.42 million expected.
• The bank also paid a quarterly dividend of $0.17 per share, which annualizes to $0.68 and implies a 2.7% yield; analysts currently have a consensus Hold rating with an average target price of $27.16.

North Reef Capital Management LP grew its position in First Horizon Corporation (NYSE:FHN - Free Report) by 25.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,453,208 shares of the financial services provider's stock after acquiring an additional 2,936,368 shares during the period. First Horizon accounts for 11.3% of North Reef Capital Management LP's portfolio, making the stock its largest holding. North Reef Capital Management LP owned about 3.05% of First Horizon worth $328,955,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Kestra Investment Management LLC increased its holdings in First Horizon by 873.1% during the 2nd 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 in the last quarter. Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of First Horizon by 1,348.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock worth $48,000 after purchasing an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of First Horizon during the fourth quarter worth $51,000. Finally, Triumph Capital Management bought a new stake in shares of First Horizon during the third quarter worth $77,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Down 0.1%

NYSE FHN opened at $25.51 on Friday. The stock has a market capitalization of $12.11 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. First Horizon Corporation has a 52 week low of $19.80 and a 52 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. The stock has a fifty day moving average of $24.94 and a 200-day moving average of $24.32.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (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 business had revenue of $890.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, June 12th. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FHN shares. UBS Group reaffirmed a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Wells Fargo & Company raised their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Finally, Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $27.16.

First Horizon Company 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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