Red Door Wealth Management LLC Grows Stock Holdings in First Horizon Corporation (NYSE:FHN)

Red Door Wealth Management LLC grew its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 164.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,054 shares of the financial services provider's stock after purchasing an additional 31,113 shares during the period. Red Door Wealth Management LLC's holdings in First Horizon were worth $972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Truist Financial Corp raised its holdings in shares of First Horizon by 2.6% during the 4th quarter. Truist Financial Corp now owns 48,049 shares of the financial services provider's stock valued at $968,000 after buying an additional 1,230 shares in the last quarter. IFP Advisors Inc grew its position in First Horizon by 143.1% during the fourth quarter. IFP Advisors Inc now owns 5,977 shares of the financial services provider's stock valued at $120,000 after acquiring an additional 3,518 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of First Horizon during the fourth quarter worth approximately $2,589,000. Versor Investments LP bought a new stake in shares of First Horizon in the 4th quarter worth approximately $294,000. Finally, Fisher Asset Management LLC lifted its holdings in shares of First Horizon by 237.2% in the 4th quarter. Fisher Asset Management LLC now owns 818,345 shares of the financial services provider's stock worth $16,481,000 after acquiring an additional 575,661 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Up 0.8%

FHN opened at $21.08 on Monday. First Horizon Corporation has a one year low of $14.34 and a one year high of $22.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. The business has a 50 day simple moving average of $19.47 and a two-hundred day simple moving average of $19.80. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.07 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period in the previous year, the firm earned $0.35 earnings per share. Analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Friday, June 13th. First Horizon's payout ratio is currently 41.67%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FHN shares. Barclays reduced their target price on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Jefferies Financial Group assumed coverage on First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Raymond James Financial lowered their target price on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Finally, Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $22.53.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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