Elevation Point Wealth Partners LLC Takes Position in First Horizon Corporation $FHN

Elevation Point Wealth Partners LLC bought a new position in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 44,599 shares of the financial services provider’s stock, valued at approximately $1,151,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kestra Investment Management LLC increased its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Basecamp Wealth Advisors LLC boosted its position in shares of First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of First Horizon in the fourth quarter valued at $51,000. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

FHN stock opened at $24.60 on Monday. The stock has a market cap of $11.65 billion, a PE ratio of 11.77, a P/E/G ratio of 0.98 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The company has a 50-day moving average price of $25.48 and a 200 day moving average price of $24.50. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the prior year, the company posted $0.45 EPS. Equities research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is presently 32.54%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FHN shares. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Wells Fargo & Company assumed coverage on shares of First Horizon in a report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 target price on the stock. Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Finally, UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.26.

First Horizon 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.