Elevation Point Wealth Partners LLC Grows Stock Holdings in First Horizon Corporation $FHN

Elevation Point Wealth Partners LLC grew its position in shares of First Horizon Corporation (NYSE:FHN) by 6,893.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,465 shares of the financial services provider’s stock after acquiring an additional 47,772 shares during the period. Elevation Point Wealth Partners LLC’s holdings in First Horizon were worth $1,103,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FHN. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon in the third quarter worth about $25,000. Navigoe LLC bought a new position in First Horizon during the 3rd quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new stake in First Horizon in the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC lifted its holdings 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 buying an additional 1,458 shares during the period. Finally, TD Waterhouse Canada Inc. grew its position in shares of First Horizon by 122.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after buying an additional 900 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Raymond James Financial boosted their target price on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $28.00 price target on shares of First Horizon in a report on Monday, January 12th. Citigroup boosted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Truist Financial set a $27.00 price objective on shares of First Horizon in a report on Friday, January 9th. Finally, National Bank Financial set a $27.00 target price on shares of First Horizon in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $26.66.

First Horizon Trading Up 0.6%

FHN opened at $21.87 on Tuesday. 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 Corporation has a 52 week low of $15.19 and a 52 week high of $26.56. The stock has a market cap of $10.56 billion, a PE ratio of 11.63, a PEG ratio of 0.82 and a beta of 0.61. The business has a 50 day moving average of $24.28 and a 200-day moving average of $23.10.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the prior year, the firm earned $0.43 earnings per share. Equities research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is currently 36.17%.

Insider Activity

In related news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.04% of the stock is currently owned by insiders.

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.