Summit Trail Advisors LLC Purchases Shares of 13,644 First Horizon Co. (NYSE:FHN)

Summit Trail Advisors LLC purchased a new stake in First Horizon Co. (NYSE:FHN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,644 shares of the financial services provider’s stock, valued at approximately $217,000.

Other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its stake in First Horizon by 3.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 52,229 shares of the financial services provider’s stock valued at $740,000 after purchasing an additional 1,874 shares during the period. Commerce Bank raised its stake in First Horizon by 13.3% during the 4th quarter. Commerce Bank now owns 16,699 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 1,966 shares during the period. Orion Portfolio Solutions LLC acquired a new stake in First Horizon during the 4th quarter valued at $555,000. United Services Automobile Association raised its stake in First Horizon by 9.7% during the 4th quarter. United Services Automobile Association now owns 40,936 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 3,628 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in First Horizon by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 246,551 shares of the financial services provider’s stock valued at $3,491,000 after purchasing an additional 2,410 shares during the period. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FHN. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Evercore ISI cut their price objective on First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a report on Tuesday, September 17th. Royal Bank of Canada increased their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Barclays increased their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Price Performance

NYSE FHN opened at $15.29 on Wednesday. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46. The stock’s 50-day moving average is $15.90 and its two-hundred day moving average is $15.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $8.36 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88.

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 the consensus estimate of $0.37 by ($0.01). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period in the prior year, the business posted $0.39 earnings per share. On average, analysts anticipate that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon Company 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.