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

Elevation Point Wealth Partners LLC purchased a new position in First Horizon Corporation (NYSE:FHN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 44,599 shares of the financial services provider’s stock, valued at approximately $1,151,000.

Other institutional investors have also modified their holdings of the company. Kestra Investment Management LLC boosted its holdings in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its position in 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 purchasing an additional 1,095 shares in the last quarter. Basecamp Wealth Advisors LLC raised its position in 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 purchasing an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% during the 4th 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 stake in shares of First Horizon in the 4th quarter worth $51,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of First Horizon stock opened at $24.60 on Monday. The company has a market capitalization of $11.65 billion, a PE ratio of 11.77, a P/E/G ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The company has a 50-day simple moving average of $25.48 and a two-hundred day simple moving average of $24.50. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations 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 last year, the business earned $0.45 EPS. Research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. 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 currently 32.54%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FHN shares. Raymond James Financial increased their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, 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 research report on Thursday, July 16th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $27.26.

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.