Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in First Horizon Co. (NYSE:FHN)

Wealth Enhancement Advisory Services LLC raised its stake in shares of First Horizon Co. (NYSE:FHN) by 19.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 134,357 shares of the financial services provider’s stock after purchasing an additional 21,589 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in First Horizon were worth $2,087,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Highland Capital Management LLC boosted its stake in First Horizon by 2,828.3% during the third quarter. Highland Capital Management LLC now owns 316,955 shares of the financial services provider’s stock valued at $4,922,000 after buying an additional 306,131 shares during the last quarter. Impact Partnership Wealth LLC boosted its position in shares of First Horizon by 31.4% during the 3rd quarter. Impact Partnership Wealth LLC now owns 20,620 shares of the financial services provider’s stock valued at $320,000 after acquiring an additional 4,932 shares during the last quarter. Aquila Investment Management LLC grew its holdings in shares of First Horizon by 28.6% in the third quarter. Aquila Investment Management LLC now owns 90,000 shares of the financial services provider’s stock valued at $1,398,000 after purchasing an additional 20,000 shares in the last quarter. Venture Visionary Partners LLC increased its position in First Horizon by 5.8% in the third quarter. Venture Visionary Partners LLC now owns 190,733 shares of the financial services provider’s stock worth $2,962,000 after purchasing an additional 10,389 shares during the last quarter. Finally, DMC Group LLC raised its stake in First Horizon by 48.4% during the third quarter. DMC Group LLC now owns 25,174 shares of the financial services provider’s stock valued at $391,000 after purchasing an additional 8,209 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $17.19 on Friday. The firm’s 50 day simple moving average is $16.21 and its 200-day simple moving average is $15.76. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. First Horizon Co. has a one year low of $10.89 and a one year high of $17.93. The firm has a market cap of $9.21 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 1.30 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the business posted $0.27 EPS. As a group, equities analysts predict that First Horizon Co. will post 1.48 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.49%. First Horizon’s payout ratio is currently 43.48%.

First Horizon declared that its board has approved a share repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. 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, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $17.92.

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.