Jupiter Topco LLC Makes New $5.36 Million Investment in First Horizon Corporation $FHN

Jupiter Topco LLC bought a new stake in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, Holdings Channel reports. The fund bought 208,906 shares of the financial services provider’s stock, valued at approximately $5,359,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC lifted its stake in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in 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 valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Ancora Advisors LLC purchased a new stake in First Horizon during the 2nd quarter worth approximately $42,000. Basecamp Wealth Advisors LLC increased its holdings in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of FHN opened at $24.35 on Tuesday. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.98 and a beta of 0.61. The stock has a 50 day moving average of $25.45 and a 200-day moving average of $24.44. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 prior year, the company posted $0.45 EPS. As a group, analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FHN shares. National Bank Financial set a $29.00 target price on First Horizon in a research note on Thursday, July 16th. Wells Fargo & Company initiated coverage on shares of First Horizon in a report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target on the stock. Truist Financial increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Evercore set a $27.00 price objective on shares of First Horizon in a report on Monday, July 6th. Finally, Fundamental Research set a $28.50 target price on shares of First Horizon in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, First Horizon currently has an average rating of “Hold” and an average target price of $27.26.

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.