Magnolia Capital Advisors LLC acquired a new stake in shares of First Horizon Co. (NYSE:FHN – Free Report) in the second quarter, HoldingsChannel reports. The fund acquired 19,737 shares of the financial services provider’s stock, valued at approximately $311,000.
A number of other hedge funds have also recently bought and sold shares of FHN. Rise Advisors LLC acquired a new stake in First Horizon during the 1st quarter valued at approximately $25,000. Raleigh Capital Management Inc. bought a new position in First Horizon during the 4th quarter worth approximately $28,000. Fidelis Capital Partners LLC bought a new position in First Horizon during the 1st quarter worth approximately $28,000. Family Firm Inc. bought a new position in First Horizon during the 2nd quarter worth approximately $28,000. Finally, Fortitude Family Office LLC lifted 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 worth $30,000 after buying an additional 1,102 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.
First Horizon Price Performance
Shares of FHN stock opened at $15.51 on Tuesday. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. The stock has a market cap of $8.48 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88. The business’s fifty day moving average is $15.83 and its 200-day moving average is $15.48. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95.
First Horizon Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Friday, September 13th. First Horizon’s payout ratio is 41.96%.
Wall Street Analyst Weigh In
A number of research firms have commented on FHN. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Barclays raised their price target on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target on shares of First Horizon in a report on Tuesday, August 6th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, 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 report on Thursday, July 18th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $17.38.
Check Out Our Latest Stock Analysis on FHN
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.
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