Louisiana State Employees Retirement System Buys New Shares in First Horizon Corporation $FHN

Key Points

• Louisiana State Employees Retirement System opened a new position in First Horizon, buying 140,600 shares worth about $3.2 million in the first quarter.
• First Horizon reported Q1 earnings of $0.53 per share, topping analyst estimates, while revenue rose 6.2% year over year to $865 million.
• The bank declared a quarterly dividend of $0.17 per share, implying an annualized yield of about 2.7%; analysts currently rate the stock Hold on average with a $26.45 price target.

Louisiana State Employees Retirement System bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 140,600 shares of the financial services provider's stock, valued at approximately $3,200,000.

A number of other large investors have also bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its position in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. increased its position in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after buying an additional 3,835 shares in the last quarter. Federated Hermes Inc. raised its stake in First Horizon by 9.1% during the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after buying an additional 4,507 shares during the period. Finally, Cerity Partners LLC raised its stake in First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after buying an additional 26,323 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Down 0.1%

Shares of First Horizon stock opened at $25.54 on Friday. The stock has a fifty day simple moving average of $24.44 and a 200 day simple moving average of $24.09. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a market capitalization of $12.12 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. The business had revenue of $865.00 million for 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%.The business's revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. On average, sell-side analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Barclays decreased their price target on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Zacks Research downgraded shares of First Horizon from a "strong-buy" rating to a "hold" rating in a report on Friday, March 20th. Wells Fargo & Company raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, March 30th. Finally, DA Davidson reiterated a "neutral" rating and set a $26.00 price objective on shares of First Horizon in a report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, First Horizon presently has an average rating of "Hold" and an average price target of $26.45.

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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