Magnolia Capital Advisors LLC Takes $311,000 Position in First Horizon Co. (NYSE:FHN)

Magnolia Capital Advisors LLC acquired a new stake in First Horizon Co. (NYSE:FHN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,737 shares of the financial services provider’s stock, valued at approximately $311,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rise Advisors LLC purchased a new stake in shares of First Horizon in the first quarter valued at $25,000. Raleigh Capital Management Inc. purchased a new position in First Horizon during the fourth quarter worth about $28,000. Fidelis Capital Partners LLC purchased a new position in First Horizon during the first quarter worth about $28,000. Family Firm Inc. purchased a new position in First Horizon during the second quarter worth about $28,000. Finally, Fortitude Family Office LLC lifted its position in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,102 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

FHN stock opened at $15.51 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. The firm has a market cap of $8.48 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88. The stock has a 50-day simple moving average of $15.83 and a 200-day simple moving average of $15.48.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same quarter last year, the business posted $0.39 EPS. On average, equities analysts predict that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.87%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Analyst Ratings Changes

Several research firms recently weighed in on FHN. Royal Bank of Canada increased their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Evercore ISI reduced their target price on First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research report on Tuesday, September 17th. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Finally, Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a report on Thursday, July 18th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

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.