Sculptor Capital LP Invests $84.61 Million in First Horizon Corporation $FHN

Sculptor Capital LP purchased a new position in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 3,300,000 shares of the financial services provider’s stock, valued at approximately $84,612,000. First Horizon accounts for about 0.7% of Sculptor Capital LP’s holdings, making the stock its 28th biggest position.

A number of other hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. grew its position in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of 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 acquiring an additional 1,095 shares in the last quarter. 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 last quarter. Federated Hermes Inc. boosted its holdings in First Horizon by 9.1% in 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 increased 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 valued at $3,241,000 after purchasing an additional 26,323 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on FHN shares. UBS Group reissued a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Wells Fargo & Company initiated coverage on shares of First Horizon in a research note on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective on the stock. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Evercore set a $27.00 target price on First Horizon in a research note on Monday, July 6th. Finally, Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average price target of $27.26.

First Horizon Stock Performance

FHN stock opened at $24.45 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $11.59 billion, a price-to-earnings 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. The stock’s fifty day moving average is $25.47 and its two-hundred day moving average is $24.48.

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

First Horizon Announces Dividend

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

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction 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 $8,458,144.80. The trade was a 5.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by corporate insiders.

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.