Quantinno Capital Management LP Raises Holdings in First Horizon Corporation $FHN

Key Points

• Quantinno Capital Management increased its First Horizon holdings by 69.7% in the first quarter, adding 142,716 shares to own 347,358 shares valued at approximately $7.9 million. Institutional investors collectively hold 80.28% of the company’s stock.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $27.16. Recent actions included a JPMorgan target cut to $27 and a Raymond James increase to $28.
• First Horizon reported quarterly EPS of $0.54, ahead of the $0.52 estimate, on revenue of $890 million. The company also declared a quarterly dividend of $0.17 per share, equivalent to a 2.6% annualized yield.

Quantinno Capital Management LP grew its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 69.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,358 shares of the financial services provider's stock after buying an additional 142,716 shares during the quarter. Quantinno Capital Management LP owned about 0.07% of First Horizon worth $7,906,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of First Horizon by 88.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after purchasing an additional 3,835 shares during the period. Federated Hermes Inc. grew its stake in shares of First Horizon by 9.1% during the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC increased its holdings in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock valued at $3,241,000 after purchasing an additional 26,323 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on FHN. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, July 16th. Barclays reduced their price target on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Fundamental Research set a $28.50 price target on First Horizon in a report on Wednesday, July 1st. Raymond James Financial raised their price objective on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, UBS Group reaffirmed a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Nine 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, the company currently has a consensus rating of "Hold" and a consensus price target of $27.16.

First Horizon Stock Up 1.0%

Shares of NYSE FHN opened at $26.07 on Wednesday. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a market capitalization of $12.37 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.02 and a beta of 0.61. 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's 50-day moving average is $25.17 and its two-hundred day moving average is $24.39.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly 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. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $890.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the prior year, the business earned $0.45 earnings per share. Equities analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, September 11th. First Horizon's dividend payout ratio 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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