First Horizon Corporation $FHN Shares Acquired by Sculptor Capital LP

Key Points

• Sculptor Capital LP significantly increased its stake in First Horizon Corporation by 59% during the first quarter, acquiring an additional 1,806,000 shares, bringing its total to 4,867,000 shares.
• Multiple hedge funds, including Byrne Asset Management and Golden State Wealth Management, have also increased their positions in First Horizon, indicating growing institutional interest, with over 80% of the stock owned by institutional investors.
• Research firms have mixed ratings for First Horizon, with Citigroup raising its price target to $26.00 and maintaining a "buy" rating, while others, like Wall Street Zen, downgraded the stock to a "sell," reflecting varying analyst sentiments.

Sculptor Capital LP grew its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 59.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,867,000 shares of the financial services provider's stock after acquiring an additional 1,806,000 shares during the period. First Horizon accounts for approximately 1.8% of Sculptor Capital LP's holdings, making the stock its 9th largest position. Sculptor Capital LP owned approximately 0.96% of First Horizon worth $94,517,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FHN. Millennium Management LLC grew its holdings in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after purchasing an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of First Horizon by 496.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after acquiring an additional 6,827,040 shares during the period. Invesco Ltd. boosted its stake in shares of First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after acquiring an additional 2,968,012 shares during the period. Nuveen LLC acquired a new position in shares of First Horizon during the 1st quarter worth approximately $46,640,000. Finally, Phoenix Financial Ltd. acquired a new position in shares of First Horizon during the 1st quarter worth approximately $29,395,000. Institutional investors own 80.28% of the company's stock.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Raymond James Financial reissued an "outperform" rating and set a $24.00 target price (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 target price on the stock. Barclays boosted their target price on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Stock Performance

Shares of NYSE:FHN traded up $0.06 during trading on Wednesday, reaching $22.46. 10,599,691 shares of the stock were exchanged, compared to its average volume of 6,788,915. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.00. The stock has a 50-day moving average price of $21.94 and a 200-day moving average price of $20.16. The firm has a market cap of $11.40 billion, a PE ratio of 14.49, a PEG ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same period in the previous year, the business earned $0.36 earnings per share. Research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is presently 38.71%.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.