388,467 Shares in First Horizon Co. (NYSE:FHN) Purchased by Element Capital Management LLC

Element Capital Management LLC acquired a new stake in First Horizon Co. (NYSE:FHN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 388,467 shares of the financial services provider’s stock, valued at approximately $6,126,000. First Horizon makes up 0.5% of Element Capital Management LLC’s holdings, making the stock its 22nd largest position.

A number of other hedge funds have also added to or reduced their stakes in FHN. Access Investment Management LLC boosted its holdings in shares of First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares during the period. First Trust Direct Indexing L.P. lifted its holdings in shares of First Horizon by 6.5% in 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 buying an additional 765 shares during the period. Simplicity Wealth LLC grew its position in shares of First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after buying an additional 786 shares in the last quarter. Perigon Wealth Management LLC increased its stake in shares of First Horizon by 7.5% during the first quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock valued at $177,000 after buying an additional 804 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in shares of First Horizon by 7.5% in the second quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,094 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FHN has been the topic of several recent research reports. 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 report on Thursday, July 18th. Jefferies Financial Group lifted their price objective on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.31.

First Horizon Stock Performance

FHN opened at $15.81 on Friday. The company has a market cap of $8.47 billion, a P/E ratio of 11.06, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $15.97 and its 200-day moving average price is $15.40. First Horizon Co. has a 52-week low of $10.08 and a 52-week high of $17.46.

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 analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the previous year, the company posted $0.39 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s payout ratio is presently 41.96%.

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.