First Horizon Co. (NYSE:FHN) Stock Position Cut by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 94.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 14,000 shares of the financial services provider’s stock after selling 249,549 shares during the quarter. Axxcess Wealth Management LLC’s holdings in First Horizon were worth $216,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of FHN. Bank of New York Mellon Corp lifted its holdings in First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after acquiring an additional 19,728,357 shares during the last quarter. Norges Bank purchased a new stake in First Horizon during the fourth quarter valued at about $86,487,000. LSV Asset Management lifted its stake in First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Junto Capital Management LP purchased a new stake in First Horizon during the fourth quarter valued at about $52,721,000. Finally, National Bank of Canada FI lifted its stake in First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock valued at $63,304,000 after buying an additional 3,340,700 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Barclays increased their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Wells Fargo & Company increased their price target on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Wedbush restated an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. increased their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Stock Up 1.7 %

Shares of FHN stock opened at $17.13 on Friday. The stock has a market cap of $9.37 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 3.46 and a beta of 0.89. First Horizon Co. has a one year low of $10.08 and a one year high of $17.46. The stock has a fifty day moving average price of $15.61 and a 200 day moving average price of $14.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period last year, the business earned $0.39 earnings per share. Analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.50%. First Horizon’s payout ratio is presently 41.96%.

About First Horizon

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.