Apollon Wealth Management LLC Has $1.10 Million Stake in First Horizon Co. (NYSE:FHN)

Apollon Wealth Management LLC increased its stake in shares of First Horizon Co. (NYSE:FHN) by 2.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 54,778 shares of the financial services provider’s stock after acquiring an additional 1,521 shares during the period. Apollon Wealth Management LLC’s holdings in First Horizon were worth $1,103,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. UMB Bank n.a. grew its holdings in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. Versant Capital Management Inc grew its holdings in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the last quarter. Covestor Ltd grew its holdings in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the last quarter. True Wealth Design LLC acquired a new stake in First Horizon in the 3rd quarter valued at approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in First Horizon by 335.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity

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

Analyst Upgrades and Downgrades

FHN has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Bank of America raised their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Barclays raised their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Royal Bank of Canada raised their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Keefe, Bruyette & Woods raised their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Performance

FHN stock opened at $22.43 on Wednesday. The business’s 50-day moving average price is $20.81 and its two-hundred day moving average price is $18.35. 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 PE ratio of 16.49, a P/E/G ratio of 1.26 and a beta of 0.92. First Horizon Co. has a 1-year low of $13.57 and a 1-year high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating 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 period last year, the business earned $0.32 EPS. As a group, research analysts forecast that First Horizon Co. will post 1.64 earnings per share for the current year.

First Horizon announced that its board has initiated a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

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

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.