Apollon Wealth Management LLC Decreases Holdings in First Horizon Corporation $FHN

Apollon Wealth Management LLC lowered its position in First Horizon Corporation (NYSE:FHN) by 25.7% during the first quarter, HoldingsChannel.com reports. The fund owned 60,525 shares of the financial services provider’s stock after selling 20,926 shares during the quarter. Apollon Wealth Management LLC’s holdings in First Horizon were worth $1,378,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FHN. Pictet Asset Management Holding SA raised its holdings in First Horizon by 8.0% during the first quarter. Pictet Asset Management Holding SA now owns 82,867 shares of the financial services provider’s stock worth $1,886,000 after purchasing an additional 6,128 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in First Horizon in the first quarter valued at $3,200,000. Ritholtz Wealth Management grew its holdings in First Horizon by 50.0% in the first quarter. Ritholtz Wealth Management now owns 31,370 shares of the financial services provider’s stock valued at $714,000 after purchasing an additional 10,455 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of First Horizon by 23.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 24,519 shares of the financial services provider’s stock valued at $558,000 after buying an additional 4,590 shares in the last quarter. Finally, Krilogy Financial LLC increased its position in shares of First Horizon by 5.4% in the first quarter. Krilogy Financial LLC now owns 18,443 shares of the financial services provider’s stock valued at $442,000 after buying an additional 944 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FHN. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Fundamental Research set a $28.50 target price on shares of First Horizon in a research report on Wednesday. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their price target for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. Finally, Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.73.

First Horizon Price Performance

FHN stock opened at $25.68 on Friday. The stock has a 50-day moving average price of $24.55 and a two-hundred day moving average price of $24.16. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market cap of $12.19 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.02 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period last year, the business posted $0.42 EPS. As a group, research analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s dividend payout ratio is 34.00%.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.