Advisor Resource Council Buys New Shares in First Horizon Corporation (NYSE:FHN)

Advisor Resource Council bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 54,689 shares of the financial services provider's stock, valued at approximately $1,062,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Belpointe Asset Management LLC increased its position in First Horizon by 3.1% during the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock valued at $355,000 after buying an additional 535 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in First Horizon by 3.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock worth $317,000 after acquiring an additional 571 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of First Horizon by 29.9% in the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock worth $52,000 after acquiring an additional 591 shares during the last quarter. Independent Advisor Alliance increased its holdings in shares of First Horizon by 1.1% during the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock valued at $1,163,000 after acquiring an additional 632 shares in the last quarter. Finally, Access Investment Management LLC increased its holdings in shares of First Horizon by 0.8% during the fourth quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider's stock valued at $1,782,000 after acquiring an additional 675 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FHN shares. Robert W. Baird upgraded shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target on the stock in a research note on Monday, April 7th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Wells Fargo & Company reduced their price target on shares of First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Finally, Keefe, Bruyette & Woods cut their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.53.

First Horizon Stock Performance

Shares of FHN traded down $0.04 during trading hours on Wednesday, hitting $20.34. The stock had a trading volume of 3,625,220 shares, compared to its average volume of 6,045,450. The firm has a market capitalization of $10.32 billion, a PE ratio of 14.13, a PEG ratio of 1.04 and a beta of 0.61. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $22.44. The stock has a fifty day moving average price of $19.25 and a 200 day moving average price of $19.80.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period last year, the firm posted $0.35 earnings per share. Analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's payout ratio is 41.67%.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.