Sculptor Capital LP Boosts Stake in First Horizon Corporation $FHN

Sculptor Capital LP lifted its position in First Horizon Corporation (NYSE:FHN) by 4.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,300,000 shares of the financial services provider’s stock after purchasing an additional 155,000 shares during the quarter. Sculptor Capital LP’s holdings in First Horizon were worth $75,108,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FHN. Quadcap Wealth Management LLC purchased a new position in shares of First Horizon during the first quarter worth approximately $387,000. North Reef Capital Management LP raised its position in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Waverly Advisors LLC boosted its stake in First Horizon by 3.8% during the 1st quarter. Waverly Advisors LLC now owns 193,603 shares of the financial services provider’s stock worth $4,406,000 after purchasing an additional 7,079 shares during the period. Entropy Technologies LP boosted its stake in First Horizon by 98.7% during the 1st quarter. Entropy Technologies LP now owns 82,842 shares of the financial services provider’s stock worth $1,885,000 after purchasing an additional 41,152 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in First Horizon during the 1st quarter worth $27,312,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.1%

Shares of NYSE:FHN opened at $25.51 on Monday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $24.94 and its 200-day simple moving average is $24.32. The company has a market cap of $12.11 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.01 and a beta of 0.60.

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, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the prior year, the company posted $0.45 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s dividend payout ratio is 32.54%.

Analysts Set New Price Targets

A number of brokerages have recently commented on FHN. Wells Fargo & Company upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. National Bank Financial set a $29.00 price target on First Horizon in a report on Thursday, July 16th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Finally, DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 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 company’s stock. According to MarketBeat, First Horizon presently has an average rating of “Hold” and an average target price of $27.16.

About First Horizon

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.