Primecap Management Co. CA Buys New Position in First Horizon Corporation $FHN

Key Points

• Primecap Management initiated a sizable First Horizon position in the second quarter, purchasing 2.23 million shares worth approximately $57.1 million, or 0.47% of the company. Institutional investors collectively own 80.28% of First Horizon.
• First Horizon exceeded quarterly expectations, reporting adjusted EPS of $0.54 versus the $0.52 consensus and revenue of $887 million versus $878.42 million expected. Analysts maintain a consensus “Hold” rating with a $27.26 target price.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.8% yield, while an executive vice president sold 18,313 shares worth approximately $455,000.

Primecap Management Co. CA bought a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,227,100 shares of the financial services provider's stock, valued at approximately $57,103,000. Primecap Management Co. CA owned 0.47% of First Horizon as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in shares of First Horizon by 0.3% in the 1st quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock valued at $3,162,000 after purchasing an additional 425 shares during the last quarter. Thoroughbred Financial Services LLC lifted its holdings in First Horizon by 3.4% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock valued at $335,000 after buying an additional 457 shares during the period. Illinois Municipal Retirement Fund boosted its position in First Horizon by 0.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after acquiring an additional 489 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock worth $963,000 after acquiring an additional 507 shares during the period. Finally, Sanctuary Advisors LLC grew its holdings in First Horizon by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock worth $378,000 after acquiring an additional 537 shares during the period. Institutional investors own 80.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FHN. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Truist Financial lifted their target price on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $27.26.

First Horizon Price Performance

Shares of NYSE FHN opened at $24.56 on Thursday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The stock has a market cap of $11.64 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The firm's 50-day simple moving average is $25.47 and its 200 day simple moving average is $24.47.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the company posted $0.45 EPS. As a group, research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon's dividend payout ratio (DPR) is 32.54%.

Insiders Place Their Bets

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.91% of the company's stock.

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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