Axxcess Wealth Management LLC Invests $2.70 Million in First Horizon Co. (NYSE:FHN)

by · The Cerbat Gem

Axxcess Wealth Management LLC purchased a new stake in shares of First Horizon Co. (NYSE:FHN – Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 244,649 shares of the financial services provider’s stock, valued at approximately $2,696,000.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. HoldCo Asset Management LP bought a new position in First Horizon during the 2nd quarter valued at approximately $62,869,000. Norges Bank bought a new position in First Horizon during the 4th quarter valued at approximately $133,345,000. North Reef Capital Management LP raised its holdings in First Horizon by 137.9% in the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after purchasing an additional 5,158,750 shares in the last quarter. Finally, LSV Asset Management raised its holdings in First Horizon by 807.7% in the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after purchasing an additional 4,882,709 shares in the last quarter. Hedge funds and other institutional investors own 76.44% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock traded down $0.06 during trading hours on Friday, reaching $14.04. The company had a trading volume of 4,732,610 shares, compared to its average volume of 6,105,793. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95. First Horizon Co. has a one year low of $8.99 and a one year high of $22.88. The firm has a market cap of $7.85 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 4.06 and a beta of 0.93. The business has a fifty day moving average price of $14.09 and a 200-day moving average price of $12.67.

First Horizon (NYSE:FHN – Get Free Report) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same period in the previous year, the business posted $0.51 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.42 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.27%. The ex-dividend date is Thursday, March 14th. First Horizon’s dividend payout ratio is presently 39.22%.

First Horizon announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on FHN shares. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their target price for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Citigroup began coverage on First Horizon in a research report on Friday, December 1st. They issued a “buy” rating and a $14.00 target price for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $16.00 target price on shares of First Horizon in a research report on Friday, January 19th. Finally, Wells Fargo & Company increased their target price on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 6th. One analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.35.

Read Our Latest Analysis on FHN

About First Horizon

(Free Report)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.

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