Quantbot Technologies LP Acquires Shares of 106,339 First Horizon Corporation $FHN

Key Points

• Quantbot Technologies acquired 106,339 First Horizon shares in the second quarter, worth approximately $2.7 million. Institutional investors and hedge funds collectively own 80.28% of FHN.
• First Horizon exceeded quarterly expectations, reporting $0.54 in earnings per share versus the $0.52 consensus estimate and $887 million in revenue versus $878.42 million expected.
• Analysts maintain a consensus “Hold” rating, with an average price target of $27.26. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

Quantbot Technologies LP bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 106,339 shares of the financial services provider's stock, valued at approximately $2,727,000.

A number of other large investors also recently modified their holdings of FHN. Goldman Sachs Group Inc. lifted its holdings in 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 buying an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of 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 during the period. EverSource Wealth Advisors LLC raised its position in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after acquiring an additional 3,835 shares during the last quarter. Federated Hermes Inc. raised its position in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after acquiring an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock valued at $3,241,000 after acquiring an additional 26,323 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on FHN shares. Weiss Ratings upgraded First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. National Bank Financial set a $29.00 target price on shares of First Horizon in a research note on Thursday, July 16th. Evercore set a $27.00 price target on shares of First Horizon in a research report on Monday, July 6th. Finally, Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $27.26.

First Horizon Stock Performance

Shares of FHN stock opened at $24.60 on Monday. 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 stock has a market cap of $11.65 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The stock has a 50-day moving average of $25.48 and a 200-day moving average of $24.50. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56.

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

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.17 dividend. 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%.

First Horizon 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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