Fifth Third Wealth Advisors LLC Takes $338,000 Position in First Horizon Co. (NYSE:FHN)

Fifth Third Wealth Advisors LLC bought a new stake in First Horizon Co. (NYSE:FHN) during the second quarter, according to the company in its most recent Form 13F filing 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.

Several other hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in shares of First Horizon in the 4th quarter worth approximately $82,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Horizon by 5.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 120,193 shares of the financial services provider’s stock worth $1,702,000 after acquiring an additional 6,597 shares in the last quarter. CWM LLC raised its stake in First Horizon by 51.9% during the fourth quarter. CWM LLC now owns 35,430 shares of the financial services provider’s stock worth $502,000 after acquiring an additional 12,109 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of First Horizon by 27.0% during the fourth quarter. Handelsbanken Fonder AB now owns 108,319 shares of the financial services provider’s stock valued at $1,534,000 after acquiring an additional 23,000 shares during the period. Finally, GAMMA Investing LLC acquired a new stake in shares of First Horizon in the 4th quarter valued at $71,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Up 0.1 %

FHN traded up $0.01 during mid-day trading on Wednesday, reaching $15.82. The stock had a trading volume of 3,332,906 shares, compared to its average volume of 6,701,005. The firm’s fifty day simple moving average is $15.60 and its two-hundred day simple moving average is $15.14. The stock has a market capitalization of $8.65 billion, a P/E ratio of 11.06, a P/E/G ratio of 3.23 and a beta of 0.89. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95.

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

First Horizon Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Evercore ISI cut their target price on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Stephens initiated coverage on First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target on the stock. Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 price objective on shares of First Horizon in a research note on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.