Apollon Wealth Management LLC Buys New Shares in First Horizon Co. (NYSE:FHN)

Apollon Wealth Management LLC acquired a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 53,257 shares of the financial services provider's stock, valued at approximately $827,000.

Several other large investors have also recently added to or reduced their stakes in FHN. UMB Bank n.a. grew its stake in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after buying an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new stake in shares of First Horizon during the second quarter valued at approximately $28,000. Nemes Rush Group LLC grew its stake in shares of First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of First Horizon during the second quarter valued at approximately $31,000. Finally, Covestor Ltd grew its stake in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FHN shares. Royal Bank of Canada increased their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Stephens increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Wedbush cut shares of First Horizon from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and an average price target of $18.38.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Trading Up 1.0 %

FHN traded up $0.20 during mid-day trading on Friday, hitting $20.36. The stock had a trading volume of 9,445,145 shares, compared to its average volume of 6,650,002. The stock's fifty day simple moving average is $16.85 and its 200-day simple moving average is $16.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $10.79 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $20.53.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same period last year, the business posted $0.27 earnings per share. As a group, research analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio is 43.48%.

First Horizon declared that its board has authorized a share repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

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.