Thoroughbred Financial Services LLC Increases Stake in First Horizon Co. (NYSE:FHN)

Thoroughbred Financial Services LLC raised its stake in shares of First Horizon Co. (NYSE:FHN) by 11.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,941 shares of the financial services provider’s stock after buying an additional 1,470 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in First Horizon were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FHN. Rise Advisors LLC purchased a new stake in First Horizon during the 1st quarter valued at approximately $25,000. Raleigh Capital Management Inc. purchased a new stake in First Horizon during the 4th quarter valued at approximately $28,000. Fidelis Capital Partners LLC purchased a new stake in First Horizon during the 1st quarter valued at approximately $28,000. Family Firm Inc. purchased a new stake in First Horizon during the 2nd quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC grew its holdings in First Horizon by 129.3% during the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,102 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FHN has been the subject of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Jefferies Financial Group increased their target price on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Barclays increased their target price on First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Finally, Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price for the company. in a research report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Stock Down 0.1 %

NYSE FHN opened at $15.78 on Wednesday. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 3.09 and a beta of 0.88. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $15.98 and a two-hundred day moving average of $15.42.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations 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 firm posted $0.39 earnings per share. On average, analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon 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.