Advisors Preferred LLC Takes Position in First Horizon Corporation $FHN

Advisors Preferred LLC purchased a new position in First Horizon Corporation (NYSE:FHN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 173,823 shares of the financial services provider’s stock, valued at approximately $3,956,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its position in shares of First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC grew its stake in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. grew its stake in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FHN. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Barclays cut their price target on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a research note on Thursday, April 16th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.12.

First Horizon Trading Down 0.2%

Shares of NYSE:FHN opened at $25.78 on Wednesday. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The business’s fifty day simple moving average is $24.72 and its 200-day simple moving average is $24.25. The company has a market capitalization of $12.24 billion, a PE ratio of 12.89, a P/E/G ratio of 1.00 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is currently 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.