Simplicity Wealth LLC Buys New Stake in First Horizon Corporation $FHN

Simplicity Wealth LLC bought a new stake in First Horizon Corporation (NYSE:FHN) in the second quarter, HoldingsChannel.com reports. The fund bought 312,005 shares of the financial services provider’s stock, valued at approximately $6,615,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Byrne Asset Management LLC grew its holdings in shares of First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 830 shares in the last quarter. Geneos Wealth Management Inc. grew 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 in the last quarter. Compass Financial Services Inc purchased a new position in shares of First Horizon in the first quarter valued at $38,000. Quarry LP grew its holdings in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,658 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Up 0.5%

NYSE:FHN opened at $22.58 on Friday. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.26. The company has a market cap of $11.46 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 1.05 and a beta of 0.67. The stock has a fifty day simple moving average of $22.31 and a 200-day simple moving average of $20.57. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same period last year, the company earned $0.36 earnings per share. Analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is 38.71%.

Analysts Set New Price Targets

A number of research firms recently weighed in on FHN. Barclays raised their target price on shares of First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Bank of America lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Wells Fargo & Company lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Horizon in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.53.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,295 shares of company stock valued at $3,322,663. Corporate insiders own 0.87% of the company’s stock.

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.