Summit Financial Wealth Advisors LLC Acquires 20,317 Shares of First Horizon Corporation $FHN

Summit Financial Wealth Advisors LLC lifted its holdings in First Horizon Corporation (NYSE:FHN) by 17.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 136,898 shares of the financial services provider’s stock after buying an additional 20,317 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in First Horizon were worth $3,116,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Norges Bank bought a new stake in First Horizon in the fourth quarter worth $153,942,000. Artemis Investment Management LLP bought a new position in First Horizon during the 4th quarter valued at about $90,319,000. North Reef Capital Management LP boosted its position in shares of First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after buying an additional 2,936,368 shares during the period. Cullen Capital Management LLC boosted its position in shares of First Horizon by 3,401.0% during the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock valued at $48,528,000 after buying an additional 1,972,461 shares during the period. Finally, Arete Wealth Advisors LLC bought a new position in shares of First Horizon during the first quarter valued at approximately $43,483,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on FHN. Truist Financial upped their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Wells Fargo & Company raised their price objective on First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. DA Davidson reissued a “neutral” rating and set a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, First Horizon has a consensus rating of “Hold” and a consensus price target of $27.16.

First Horizon Trading Up 0.9%

NYSE FHN opened at $25.69 on Friday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a 50 day moving average price of $25.11 and a 200 day moving average price of $24.36. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The firm has a market cap of $12.19 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $890.00 million during the quarter, compared to the consensus estimate 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 firm earned $0.45 earnings per share. As a group, sell-side analysts forecast 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. Investors of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is 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.