First Horizon Co. (NYSE:FHN) Shares Purchased by Apollon Wealth Management LLC

Apollon Wealth Management LLC boosted its holdings in First Horizon Co. (NYSE:FHN) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,778 shares of the financial services provider’s stock after buying an additional 1,521 shares during the period. Apollon Wealth Management LLC’s holdings in First Horizon were worth $1,103,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FHN. State Street Corp boosted its stake in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of First Horizon in the 3rd quarter worth about $39,242,000. Barclays PLC raised its holdings in shares of First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock worth $29,301,000 after purchasing an additional 1,185,772 shares during the period. Quantbot Technologies LP purchased a new position in shares of First Horizon in the 3rd quarter worth about $7,797,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of First Horizon by 590.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 517,625 shares of the financial services provider’s stock worth $8,039,000 after purchasing an additional 442,686 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Barclays raised their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Wells Fargo & Company raised their price objective on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their target price on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Bank of America raised their target price on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Stock Performance

FHN stock opened at $22.43 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $11.89 billion, a P/E ratio of 16.49, a P/E/G ratio of 1.26 and a beta of 0.92. First Horizon Co. has a 12-month low of $13.57 and a 12-month high of $22.44. The stock’s 50 day simple moving average is $20.81 and its 200 day simple moving average is $18.35.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, equities research analysts predict that First Horizon Co. will post 1.64 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.68%. First Horizon’s payout ratio is 44.12%.

First Horizon announced that its Board of Directors has initiated a stock repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.87% of the company’s stock.

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.