Mitsubishi UFJ Trust & Banking Corp Grows Holdings in First Horizon Corporation $FHN

Key Points

• Mitsubishi UFJ Trust & Banking Corp increased its stake in First Horizon by 108.7% in Q4, adding 67,588 shares to hold 129,752 shares worth about $3.10 million.
• First Horizon beat quarterly EPS estimates ($0.53 vs. $0.49) with revenue of $865 million (up 6.2% YoY) and announced a quarterly dividend of $0.17 (annualized $0.68, ~2.7% yield).
• The stock trades near $24.89 with a market cap of $11.89 billion and a PE of 12.45, a 12‑month range of $18.43–$26.56, and is ~80.3% owned by institutional investors.

Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 108.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,752 shares of the financial services provider's stock after buying an additional 67,588 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in First Horizon were worth $3,101,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Corp purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $2,361,000. Allianz Asset Management GmbH purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $6,416,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $1,211,000. Victory Capital Management Inc. boosted its stake in shares of First Horizon by 18.0% during the 3rd quarter. Victory Capital Management Inc. now owns 3,233,074 shares of the financial services provider's stock valued at $73,100,000 after buying an additional 492,888 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $1,787,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of FHN opened at $24.89 on Monday. The business's fifty day moving average price is $23.46 and its 200 day moving average price is $23.29. First Horizon Corporation has a 12-month low of $18.43 and a 12-month high of $26.56. The stock has a market capitalization of $11.89 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.97 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last announced 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. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million for the quarter, compared to analysts' expectations of $869.49 million. During the same period last year, the business posted $0.42 earnings per share. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts forecast that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on FHN. Truist Financial set a $27.00 target price on First Horizon in a research note on Friday, January 9th. Zacks Research cut First Horizon from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the stock a "neutral" rating in a research note on Tuesday, January 6th. TD Cowen raised their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Friday, January 16th. Finally, Weiss Ratings upgraded First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, 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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