Fifth Third Wealth Advisors LLC Acquires Shares of 21,424 First Horizon Co. (NYSE:FHN)

Fifth Third Wealth Advisors LLC bought a new position in shares of First Horizon Co. (NYSE:FHN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 21,424 shares of the financial services provider’s stock, valued at approximately $338,000.

Other institutional investors have also modified their holdings of the company. First Trust Direct Indexing L.P. increased its holdings in First Horizon by 6.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 765 shares during the last quarter. Simplicity Wealth LLC boosted its stake in First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 786 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in First Horizon by 7.5% during the 1st quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 804 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of First Horizon by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock worth $3,761,000 after purchasing an additional 1,068 shares during the last quarter. Finally, Fortitude Family Office LLC increased its position in shares of First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE:FHN traded up $0.01 during mid-day trading on Wednesday, reaching $15.82. 3,332,906 shares of the stock were exchanged, compared to its average volume of 6,701,005. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $17.46. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $8.65 billion, a PE ratio of 11.06, a PEG ratio of 3.23 and a beta of 0.89. The business has a fifty day moving average price of $15.60 and a 200 day moving average price of $15.14.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business 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 quarter in the previous year, the firm earned $0.39 earnings per share. Research analysts expect that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Jefferies Financial Group lifted their price target on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Barclays lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Finally, Stephens began coverage on shares of First Horizon in a report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $17.31.

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.