AE Wealth Management LLC Increases Position in First Horizon Corporation (NYSE:FHN)

Key Points

• AE Wealth Management LLC significantly increased its stake in First Horizon Corporation by 2,953.2%, acquiring 441,970 shares during the first quarter, bringing its total to 456,936 shares worth approximately $8.87 million.
• Several analysts have upgraded First Horizon's stock ratings, with Baird R W raising it from "hold" to "strong-buy" and establishing a price objective of $22.00, contributing to a consensus rating of "Moderate Buy" and a target price of $23.28.
• First Horizon recently declared a quarterly dividend of $0.15 per share, equating to an annualized dividend of $0.60, reflecting a yield of 2.63% and a payout ratio of 38.71%.

AE Wealth Management LLC grew its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2,953.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 456,936 shares of the financial services provider's stock after purchasing an additional 441,970 shares during the period. AE Wealth Management LLC owned approximately 0.09% of First Horizon worth $8,874,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Byrne Asset Management LLC lifted its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares during the last quarter. Covestor Ltd lifted its holdings in shares of First Horizon by 82.1% in the 4th quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock valued at $78,000 after acquiring an additional 1,748 shares during the last quarter. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of First Horizon in the 4th quarter valued at about $130,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods lowered their price target on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Wells Fargo & Company increased their price target on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Jefferies Financial Group started coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Baird R W raised shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Bank of America raised their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Trading Down 0.8%

Shares of NYSE:FHN traded down $0.18 during trading on Monday, reaching $22.64. 2,449,193 shares of the company were exchanged, compared to its average volume of 6,117,385. The firm has a market capitalization of $11.48 billion, a PE ratio of 14.60, a P/E/G ratio of 1.08 and a beta of 0.61. The business's fifty day simple moving average is $20.78 and its 200-day simple moving average is $20.05. First Horizon Corporation has a 12-month low of $14.34 and a 12-month high of $23.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period last year, the company posted $0.36 earnings per share. On average, research 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 was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's payout ratio is 38.71%.

Insider Activity at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.04% of the company's stock.

First Horizon 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.