First Horizon Corporation $FHN Shares Purchased by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in First Horizon by 28.4% in Q4, buying 852,109 shares to hold 3,849,088 shares (~0.78% ownership) valued at about $92 million.
• First Horizon beat quarterly EPS estimates ($0.53 vs. $0.49), declared a $0.17 quarterly dividend (annualized yield ~2.7%), and carries a consensus analyst rating of Hold with an average price target of $26.45.

Principal Financial Group Inc. increased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 28.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,849,088 shares of the financial services provider's stock after acquiring an additional 852,109 shares during the quarter. Principal Financial Group Inc. owned approximately 0.78% of First Horizon worth $91,993,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of First Horizon by 313.2% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider's stock valued at $1,406,000 after acquiring an additional 47,119 shares during the last quarter. First Horizon Corp acquired a new position in shares of First Horizon during the 3rd quarter valued at about $2,361,000. Allianz Asset Management GmbH acquired a new position in shares of First Horizon during the 3rd quarter valued at about $6,416,000. Andrew Hill Investment Advisors Inc. acquired a new position in shares of First Horizon during the 4th quarter valued at about $7,059,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in First Horizon in the 3rd quarter valued at about $1,211,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $25.09 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a fifty day moving average price of $23.47 and a 200 day moving average price of $23.36. First Horizon Corporation has a 1-year low of $18.58 and a 1-year high of $26.56. The company has a market cap of $11.98 billion, a PE ratio of 12.54, a P/E/G ratio of 0.97 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon's revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. Sell-side analysts forecast that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.17 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is currently 34.00%.

Analysts Set New Price Targets

Several analysts recently issued reports on FHN shares. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $28.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Royal Bank Of Canada reiterated an "outperform" rating and set a $28.00 price target on shares of First Horizon in a research note on Monday, January 12th. Autonomous Res lowered shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Stephens upped their target price on shares of First Horizon from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. Finally, Barclays lowered their price target on First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, First Horizon currently has a consensus rating of "Hold" and an average price target of $26.45.

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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