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

Axxcess Wealth Management LLC grew its stake in shares of First Horizon Co. (NYSE:FHN) by 7.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 263,549 shares of the financial services provider’s stock after acquiring an additional 18,900 shares during the period. Axxcess Wealth Management LLC’s holdings in First Horizon were worth $3,732,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Xponance Inc. lifted its stake in First Horizon by 2.6% during the third quarter. Xponance Inc. now owns 67,427 shares of the financial services provider’s stock valued at $743,000 after buying an additional 1,680 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of First Horizon in the third quarter valued at $113,000. Independent Advisor Alliance acquired a new stake in shares of First Horizon in the third quarter worth $593,000. KMG Fiduciary Partners LLC boosted its position in shares of First Horizon by 5.4% in the third quarter. KMG Fiduciary Partners LLC now owns 179,492 shares of the financial services provider’s stock worth $1,978,000 after buying an additional 9,182 shares during the period. Finally, New York State Teachers Retirement System grew its stake in First Horizon by 8.8% during the 3rd quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider’s stock valued at $7,058,000 after acquiring an additional 51,979 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FHN. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. JPMorgan Chase & Co. boosted their target price on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Barclays initiated coverage on shares of First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price target on the stock. Finally, Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.13 during midday trading on Friday, reaching $15.80. The company’s stock had a trading volume of 11,332,061 shares, compared to its average volume of 6,290,913. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $15.96. The business’s fifty day simple moving average is $14.76 and its 200-day simple moving average is $13.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $8.77 billion, a P/E ratio of 11.05, a P/E/G ratio of 4.30 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. As a group, equities research analysts expect that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio is 41.96%.

First Horizon announced that its board has approved a share repurchase program on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.