New Age Alpha Advisors LLC Grows Position in First Horizon Corporation (NYSE:FHN)

Key Points

• New Age Alpha Advisors LLC increased its holdings in First Horizon Corporation by 13.5%, owning 345,904 shares, valued at approximately $6.72 million.
• First Horizon's stock received upgrades from multiple analysts, with Barclays raising the target price from $23.00 to $26.00, and other firms maintaining a mix of buy and hold ratings.
• The company announced a quarterly dividend of $0.15 per share, representing a 2.8% yield, to be paid on October 1st to shareholders of record on September 12th.

New Age Alpha Advisors LLC boosted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 13.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 345,904 shares of the financial services provider's stock after purchasing an additional 41,133 shares during the period. New Age Alpha Advisors LLC owned about 0.07% of First Horizon worth $6,717,000 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. Byrne Asset Management LLC grew its position in 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 worth $30,000 after purchasing an additional 830 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares in the last quarter. Versant Capital Management Inc lifted its position 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 in the last quarter. Covestor Ltd lifted its position 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 in the last quarter. Finally, Mpwm Advisory Solutions LLC purchased a new stake in First Horizon in the 4th quarter worth approximately $130,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

FHN has been the topic of a number of research analyst reports. Citigroup raised their target price on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods cut 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. Jefferies Financial Group initiated coverage on First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target on the stock. Bank of America boosted their price target 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. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Trading Down 1.3%

Shares of NYSE:FHN traded down $0.28 during midday trading on Thursday, reaching $21.13. The company's stock had a trading volume of 6,106,458 shares, compared to its average volume of 9,726,354. The business has a 50 day moving average price of $21.11 and a 200 day moving average price of $20.11. First Horizon Corporation has a 1 year low of $14.72 and a 1 year high of $23.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 1.01 and a beta of 0.65.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The business had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's payout ratio is presently 38.71%.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated 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 owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

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.