First Horizon Corporation $FHN Shares Acquired by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC boosted its position in First Horizon Corporation (NYSE:FHN) by 17.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 136,898 shares of the financial services provider’s stock after purchasing an additional 20,317 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in First Horizon were worth $3,116,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Arete Wealth Advisors LLC purchased a new position in shares of First Horizon during the first quarter worth $43,483,000. Cornerstone Wealth LLC TN purchased a new position in shares of First Horizon during the 1st quarter valued at about $438,000. Bank of America Corp DE raised its stake in shares of First Horizon by 7.9% during the 1st quarter. Bank of America Corp DE now owns 2,861,404 shares of the financial services provider’s stock valued at $65,126,000 after buying an additional 209,480 shares during the last quarter. Bull Harbor Capital LLC acquired a new position in First Horizon in the first quarter valued at approximately $326,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of First Horizon by 5.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 78,364 shares of the financial services provider’s stock valued at $1,784,000 after purchasing an additional 4,102 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of several analyst reports. Barclays decreased their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Fundamental Research set a $28.50 price target on First Horizon in a research report on Wednesday, July 1st. National Bank Financial set a $29.00 price objective on First Horizon in a report on Thursday, July 16th. Raymond James Financial boosted their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Finally, Wells Fargo & Company boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Nine 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $27.16.

First Horizon Trading Up 0.9%

Shares of First Horizon stock opened at $25.69 on Friday. The stock has a market cap of $12.19 billion, a P/E ratio of 12.29, a P/E/G ratio of 1.01 and a beta of 0.60. The stock’s 50 day simple moving average is $25.11 and its 200-day simple moving average is $24.36. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same period in the prior year, the business earned $0.45 earnings per share. Analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is presently 32.54%.

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.