Qsemble Capital Management LP Grows Position in First Horizon Corporation $FHN

Key Points

• Qsemble Capital Management increased its First Horizon stake by 303.3% in the fourth quarter, buying an additional 339,508 shares and bringing its total holding to 451,446 shares worth about $10.79 million.
• First Horizon shares were down 0.7% and recently traded at $23.55, while the stock’s valuation metrics included a P/E of 11.77 and a market cap of $11.18 billion.
• The company reported better-than-expected quarterly earnings of $0.53 per share, and it also announced a quarterly dividend of $0.17 per share, implying a 2.9% yield.

Qsemble Capital Management LP grew its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 303.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 451,446 shares of the financial services provider's stock after purchasing an additional 339,508 shares during the period. First Horizon comprises approximately 0.9% of Qsemble Capital Management LP's investment portfolio, making the stock its 15th largest holding. Qsemble Capital Management LP owned 0.09% of First Horizon worth $10,790,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in First Horizon in the 3rd quarter worth approximately $25,000. Root Financial Partners LLC purchased a new stake in First Horizon in the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,458 shares in the last quarter. TD Waterhouse Canada Inc. boosted its position in First Horizon by 122.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider's stock worth $37,000 after purchasing an additional 900 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in First Horizon by 57.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider's stock worth $39,000 after purchasing an additional 635 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Stock Down 0.7%

NYSE FHN opened at $23.55 on Friday. The business has a fifty day moving average price of $23.46 and a 200 day moving average price of $23.50. First Horizon Corporation has a one year low of $19.03 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $11.18 billion, a P/E ratio of 11.77, a P/E/G ratio of 0.93 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the company earned $0.42 EPS. The firm's revenue was up 6.2% compared to the same quarter last year. Research analysts anticipate that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon's dividend payout ratio is currently 34.00%.

Analyst Ratings Changes

Several equities research analysts have commented on FHN shares. Citigroup upped their price objective on First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods upped their target price on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Zacks Research downgraded First Horizon from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. Finally, JPMorgan Chase & Co. reduced their target price on First Horizon from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Wednesday, April 1st. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus 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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