Apollon Wealth Management LLC Acquires 40,604 Shares of First Horizon Corporation $FHN

Apollon Wealth Management LLC grew its stake in shares of First Horizon Corporation (NYSE:FHN) by 70.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,889 shares of the financial services provider’s stock after acquiring an additional 40,604 shares during the period. Apollon Wealth Management LLC’s holdings in First Horizon were worth $2,213,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of First Horizon during the 2nd quarter valued at about $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Horizon by 53.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after buying an additional 4,392,405 shares in the last quarter. William Blair Investment Management LLC bought a new stake in First Horizon in the 2nd quarter worth approximately $79,776,000. Azora Capital LP boosted its stake in First Horizon by 1,020.5% in the second quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after buying an additional 2,377,300 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in First Horizon by 45.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after purchasing an additional 2,091,865 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of FHN opened at $23.91 on Wednesday. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $24.75. The company has a market capitalization of $11.77 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 0.93 and a beta of 0.62. The firm has a 50 day moving average of $22.39 and a 200 day moving average of $22.10. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. The business had revenue of $893.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The company’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the business posted $0.42 EPS. As a group, equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a stock repurchase plan on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. First Horizon’s payout ratio is presently 36.36%.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. This represents a 5.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Baird R W cut First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. National Bankshares set a $28.00 price objective on First Horizon in a research note on Tuesday, December 16th. Cowen began coverage on shares of First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Horizon in a report on Monday. Finally, Raymond James Financial set a $23.00 target price on First Horizon in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.41.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.