Golden State Wealth Management LLC Buys 2,658 Shares of First Horizon Corporation (NYSE:FHN)

Golden State Wealth Management LLC increased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 53,160.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,663 shares of the financial services provider’s stock after purchasing an additional 2,658 shares during the quarter. Golden State Wealth Management LLC’s holdings in First Horizon were worth $52,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Oppenheimer & Co. Inc. boosted its holdings in First Horizon by 180.6% during the first quarter. Oppenheimer & Co. Inc. now owns 43,214 shares of the financial services provider’s stock worth $839,000 after purchasing an additional 27,814 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in First Horizon by 2.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock worth $1,496,000 after purchasing an additional 1,481 shares during the last quarter. Advisor Resource Council acquired a new position in First Horizon during the first quarter worth $1,062,000. Centennial Wealth Advisory LLC acquired a new position in First Horizon during the first quarter worth $303,000. Finally, Johnson Investment Counsel Inc. boosted its holdings in First Horizon by 4.7% during the first quarter. Johnson Investment Counsel Inc. now owns 2,785,777 shares of the financial services provider’s stock worth $54,100,000 after purchasing an additional 124,185 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $21.51 on Wednesday. The firm has a 50-day moving average of $19.65 and a 200-day moving average of $19.82. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $10.91 billion, a PE ratio of 14.94, a P/E/G ratio of 1.08 and a beta of 0.61. First Horizon Corporation has a 52-week low of $14.34 and a 52-week high of $22.44.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. During the same quarter last year, the company posted $0.35 EPS. On average, sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is 41.67%.

Analyst Upgrades and Downgrades

FHN has been the subject of several recent research reports. Raymond James Financial reduced their target price on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Robert W. Baird raised shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. Barclays decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Sunday, June 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.47.

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.