Harmony Asset Management LLC Purchases 8,710 Shares of First Horizon Co. (NYSE:FHN)

Harmony Asset Management LLC grew its position in shares of First Horizon Co. (NYSE:FHN) by 12.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,510 shares of the financial services provider’s stock after buying an additional 8,710 shares during the period. Harmony Asset Management LLC’s holdings in First Horizon were worth $1,207,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FHN. Rise Advisors LLC bought a new position in First Horizon during the 1st quarter worth $25,000. Raleigh Capital Management Inc. bought a new position in First Horizon during the 4th quarter worth $28,000. Fidelis Capital Partners LLC bought a new position in First Horizon during the 1st quarter worth $28,000. Family Firm Inc. bought a new position in First Horizon during the 2nd quarter worth $28,000. Finally, Fortitude Family Office LLC increased its position 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 worth $30,000 after buying an additional 1,102 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $15.97 on Monday. The business’s 50-day moving average price is $15.97 and its 200-day moving average price is $15.46. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.09 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the prior year, the firm earned $0.39 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio is currently 41.96%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FHN. Royal Bank of Canada raised their price target on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Evercore ISI decreased their price target on First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research report on Tuesday, September 17th. Jefferies Financial Group raised their price target on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

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.