Lexington Hill Partners LLC Takes Position in First Horizon Corporation $FHN

Key Points

• Lexington Hill Partners acquired 41,461 First Horizon shares worth approximately $1.06 million in the second quarter. Institutional investors collectively own 80.28% of FHN.
• First Horizon reported quarterly EPS of $0.54, exceeding estimates by $0.02, while revenue reached $887 million. The company expects full-year EPS of approximately $2.15.
• First Horizon declared a quarterly dividend of $0.17 per share, representing an annualized yield of about 2.7%. Analysts maintain an overall “Hold” rating, with an average price target of $27.16 versus the stock’s recent $25.45 price.

Lexington Hill Partners LLC purchased a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,461 shares of the financial services provider's stock, valued at approximately $1,063,000.

Other large investors also recently modified their holdings of the company. Bessemer Group Inc. grew its stake in First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock valued at $3,162,000 after acquiring an additional 425 shares in the last quarter. Thoroughbred Financial Services LLC lifted its stake in First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock worth $335,000 after purchasing an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in First Horizon by 0.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock worth $1,641,000 after purchasing an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after purchasing an additional 507 shares during the period. Finally, Aaron Wealth Advisors LLC boosted its holdings in First Horizon by 5.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 511 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

FHN stock opened at $25.45 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The stock has a market cap of $12.08 billion, a PE ratio of 12.18, a P/E/G ratio of 1.01 and a beta of 0.61. The firm has a 50 day simple moving average of $25.26 and a two-hundred day simple moving average of $24.42.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. During the same quarter last year, the company posted $0.45 EPS. On average, analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

Wall Street Analysts Forecast Growth

FHN has been the topic of several research analyst reports. Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. UBS Group reiterated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Finally, Evercore set a $27.00 target price on First Horizon in a research note on Monday, July 6th. Nine research 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. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $27.16.

About First Horizon

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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