Jupiter Topco LLC Makes New Investment in First Horizon Corporation $FHN

Key Points

• Jupiter Topco LLC acquired 208,906 shares of First Horizon in the second quarter, worth approximately $5.36 million. Institutional investors and hedge funds collectively own 80.28% of the company.
• First Horizon reported quarterly EPS of $0.54, exceeding estimates by $0.02, while revenue reached $887 million. The company also declared a quarterly dividend of $0.17, equivalent to a 2.8% annualized yield.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and an average price target of $27.26 versus the stock’s reported opening price of $24.35.

Jupiter Topco LLC purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 208,906 shares of the financial services provider's stock, valued at approximately $5,359,000.

A number of other institutional investors and hedge funds also recently modified their holdings of FHN. BlackRock Inc. purchased a new position in shares of First Horizon during the 2nd quarter worth about $1,505,239,000. Bank of New York Mellon Corp acquired a new position in First Horizon during the second quarter worth approximately $747,445,000. North Reef Capital Management LP increased its position in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Invesco Ltd. raised its stake in First Horizon by 5.6% during the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock worth $192,007,000 after purchasing an additional 426,951 shares during the period. Finally, Norges Bank acquired a new position in shares of First Horizon in the 4th quarter valued at $153,942,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Activity

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.91% of the company's stock.

First Horizon Price Performance

First Horizon stock opened at $24.35 on Tuesday. The firm has a fifty day moving average of $25.45 and a 200-day moving average of $24.44. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.54 billion, a P/E ratio of 11.65, a PEG ratio of 0.98 and a beta of 0.61.

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, beating the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the previous year, the business posted $0.45 EPS. As a group, analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon's dividend payout ratio is presently 32.54%.

Wall Street Analyst Weigh In

FHN has been the subject of several research reports. National Bank Financial set a $29.00 price objective on shares of First Horizon in a research note on Thursday, July 16th. Wells Fargo & Company began coverage on First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. Truist Financial upped their price target on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Finally, Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Nine equities research 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus 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.

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