Expect Equity LLC Buys New Position in First Horizon Corporation $FHN

Expect Equity LLC purchased a new position in shares of First Horizon Corporation (NYSE:FHN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 159,286 shares of the financial services provider’s stock, valued at approximately $4,084,000. First Horizon comprises 2.6% of Expect Equity LLC’s holdings, making the stock its 6th biggest holding.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in First Horizon in the second quarter valued at approximately $1,505,239,000. Bank of New York Mellon Corp purchased a new position in shares of First Horizon during the second quarter worth approximately $747,445,000. North Reef Capital Management LP grew its position in shares of First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after acquiring an additional 2,936,368 shares during the last quarter. Invesco Ltd. increased its holdings in shares of First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after acquiring an additional 426,951 shares during the period. Finally, Norges Bank acquired a new position in shares of First Horizon in the 4th quarter valued at $153,942,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $24.45 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $25.47 and its two-hundred day moving average is $24.48. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The firm has a market capitalization of $11.59 billion, a PE ratio of 11.70, a P/E/G ratio of 0.97 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued 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. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the prior year, the business posted $0.45 EPS. Research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors 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 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FHN. UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. National Bank Financial set a $29.00 price objective on shares of First Horizon in a research note on Thursday, July 16th. Raymond James Financial upped their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Hold” and an average price target 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.