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

Elevation Point Wealth Partners LLC lifted its stake in First Horizon Corporation (NYSE:FHN) by 6,893.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,465 shares of the financial services provider’s stock after purchasing an additional 47,772 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in First Horizon were worth $1,103,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FHN. LSV Asset Management increased its position in First Horizon by 5.0% during the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after buying an additional 646,060 shares in the last quarter. Invesco Ltd. raised its stake in First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock valued at $171,990,000 after buying an additional 595,869 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Norges Bank purchased a new stake in shares of First Horizon in the second quarter worth $131,399,000. Finally, William Blair Investment Management LLC grew its stake in shares of First Horizon by 38.7% in the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock worth $118,020,000 after acquiring an additional 1,456,820 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Robert W. Baird downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Citigroup raised their price objective on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. UBS Group reaffirmed a “buy” rating and issued a $29.00 target price on shares of First Horizon in a report on Wednesday, February 4th. Finally, Weiss Ratings upgraded shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $26.66.

First Horizon Trading Up 0.6%

First Horizon stock opened at $21.87 on Tuesday. First Horizon Corporation has a one year low of $15.19 and a one year high of $26.56. The business’s fifty day moving average is $24.28 and its 200 day moving average is $23.10. The stock has a market capitalization of $10.56 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the previous year, the firm earned $0.43 EPS. On average, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. First Horizon’s dividend payout ratio is presently 36.17%.

Insiders Place Their Bets

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.04% of the stock is currently owned by company insiders.

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.