Sculptor Capital LP Makes New Investment in First Horizon Corporation $FHN

Sculptor Capital LP acquired a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,300,000 shares of the financial services provider's stock, valued at approximately $84,612,000. First Horizon makes up 0.7% of Sculptor Capital LP's portfolio, making the stock its 28th largest holding. Sculptor Capital LP owned approximately 0.70% of First Horizon as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Man Group plc acquired a new position in shares of First Horizon during the 2nd quarter valued at $6,453,000. Invst LLC purchased a new position in First Horizon in the second quarter valued at about $943,000. Jupiter Topco LLC purchased a new position in First Horizon in the second quarter valued at about $5,359,000. Hsbc Holdings PLC acquired a new position in shares of First Horizon during the second quarter worth about $3,837,000. Finally, EFG International AG acquired a new position in shares of First Horizon during the second quarter worth about $1,893,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of First Horizon stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.91% of the stock is currently owned by company insiders.

First Horizon Stock Performance

NYSE:FHN opened at $24.45 on Wednesday. The firm has a 50-day moving average of $25.47 and a two-hundred day moving average of $24.48. 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 $11.59 billion, a P/E ratio of 11.70, a PEG ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (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 business had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the company earned $0.45 earnings per share. On average, research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm 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. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon's dividend payout ratio (DPR) is 32.54%.

Analysts Set New Price Targets

FHN has been the subject of a number of recent research reports. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Fundamental Research set a $28.50 price target on First Horizon in a research report on Wednesday, July 1st. Raymond James Financial boosted their price target on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Finally, UBS Group reaffirmed a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $27.26.

First Horizon Company 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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