First Horizon Corporation $FHN Position Trimmed by Apollon Wealth Management LLC

Apollon Wealth Management LLC lessened its position in First Horizon Corporation (NYSE:FHN) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 57,285 shares of the financial services provider’s stock after selling 2,141 shares during the quarter. Apollon Wealth Management LLC’s holdings in First Horizon were worth $1,214,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. lifted its position in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new stake in shares of First Horizon in the 1st quarter valued at approximately $38,000. Quarry LP lifted its position in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of First Horizon in the 1st quarter valued at approximately $73,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research analyst reports. Citigroup upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. TD Cowen started coverage on shares of First Horizon in a research report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price target for the company. Royal Bank Of Canada increased their target price on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday. Truist Financial increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, September 24th. Finally, Evercore ISI increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $24.94.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. 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 the firm’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 in the last 90 days. 1.04% of the stock is owned by insiders.

First Horizon Stock Up 2.5%

First Horizon stock opened at $23.02 on Wednesday. The company has a market capitalization of $11.69 billion, a P/E ratio of 14.85, a P/E/G ratio of 0.94 and a beta of 0.67. The firm’s fifty day simple moving average is $22.45 and its 200-day simple moving average is $20.73. 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 Corporation has a 1-year low of $15.19 and a 1-year high of $23.63.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the firm earned $0.36 EPS. Sell-side analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is currently 38.71%.

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.