Jupiter Asset Management Ltd. Acquires 1,478,299 Shares of First Horizon Corporation $FHN

Jupiter Asset Management Ltd. boosted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 68.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,653,460 shares of the financial services provider’s stock after purchasing an additional 1,478,299 shares during the period. Jupiter Asset Management Ltd. owned about 0.74% of First Horizon worth $87,318,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. Goldman Sachs Group Inc. lifted its stake in First Horizon by 102.5% during 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 purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. lifted its stake in First Horizon by 156.7% during the first 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 during the period. EverSource Wealth Advisors LLC lifted its stake in 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 purchasing an additional 3,835 shares during the period. Federated Hermes Inc. lifted its stake in 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 purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC grew its stake in First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after buying an additional 26,323 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Monday. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Wells Fargo & Company increased their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Finally, Weiss Ratings upgraded First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.45.

First Horizon Stock Performance

FHN stock opened at $24.24 on Friday. The company has a 50 day moving average price of $23.76 and a 200 day moving average price of $23.70. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $11.50 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $0.42 EPS. Analysts forecast that First Horizon Corporation will post 2.16 EPS for the current 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 given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

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.