NewEdge Advisors LLC Buys 127,893 Shares of First Horizon Co. (NYSE:FHN)

NewEdge Advisors LLC grew its stake in shares of First Horizon Co. (NYSE:FHN) by 57.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 349,372 shares of the financial services provider’s stock after acquiring an additional 127,893 shares during the quarter. NewEdge Advisors LLC owned about 0.06% of First Horizon worth $5,510,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Creative Planning boosted its holdings in First Horizon by 11.1% in the second quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 8,263 shares during the last quarter. Nemes Rush Group LLC raised its stake in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of First Horizon during the 2nd quarter valued at $311,000. Algert Global LLC boosted its stake in shares of First Horizon by 14.4% in the 2nd quarter. Algert Global LLC now owns 444,399 shares of the financial services provider’s stock worth $7,008,000 after buying an additional 56,036 shares during the last quarter. Finally, Sculptor Capital LP boosted its stake in shares of First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after buying an additional 1,570,000 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Down 3.9 %

Shares of First Horizon stock opened at $14.92 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The company has a fifty day moving average of $15.79 and a 200 day moving average of $15.48. The company has a market capitalization of $8.16 billion, a P/E ratio of 10.43, a P/E/G ratio of 3.17 and a beta of 0.88. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46.

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

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent research reports. Royal Bank of Canada increased their target price on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Barclays increased their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target on shares of First Horizon in a research note on Tuesday, August 6th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

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.