Mitsubishi UFJ Asset Management Co. Ltd. Purchases Shares of 534,016 First Horizon Corporation $FHN

Key Points

• Mitsubishi UFJ Asset Management acquired 534,016 First Horizon shares worth approximately $13.7 million, giving it a 0.11% stake. Institutional investors collectively own 80.28% of the company.
• Analyst sentiment remains mixed: nine analysts rate First Horizon a Buy, 10 recommend Hold and one recommends Sell. The consensus rating is Hold, with an average price target of $27.26.
• First Horizon reported quarterly EPS of $0.54, exceeding expectations of $0.52, and revenue of $887 million. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 534,016 shares of the financial services provider's stock, valued at approximately $13,692,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.11% of First Horizon at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. Kestra Investment Management LLC lifted its holdings in shares of 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 acquiring an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings 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 purchasing an additional 1,095 shares in the last quarter. Basecamp Wealth Advisors LLC increased its holdings in First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,874 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in First Horizon in the fourth quarter valued at about $51,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. UBS Group reaffirmed a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Evercore set a $27.00 price objective on shares of First Horizon in a research report on Monday, July 6th. Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. Raymond James Financial lifted their target price on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. cut their price target on First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of "Hold" and an average price target of $27.26.

First Horizon Price Performance

Shares of NYSE FHN opened at $24.72 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. The firm has a market capitalization of $11.71 billion, a PE ratio of 11.83, a P/E/G ratio of 0.99 and a beta of 0.61. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The business's fifty day moving average price is $25.50 and its two-hundred day moving average price is $24.50.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period last year, the firm earned $0.45 EPS. On average, research analysts expect that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. 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 (DPR) is currently 32.54%.

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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