Wealth Preservation Advisors LLC Purchases Shares of 50,626 First Horizon Corporation $FHN

Key Points

• Wealth Preservation Advisors LLC purchased 50,626 shares of First Horizon Corporation, valued at approximately $983,000, making it the firm's 21st largest investment.
• Analysts have increased their price targets for First Horizon, with Royal Bank of Canada and Raymond James each setting targets of $24.00, reflecting optimism about the company's future performance.
• First Horizon recently declared a quarterly dividend of $0.15 per share, which represents a yield of 2.6% based on an annualized basis.

Wealth Preservation Advisors LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 50,626 shares of the financial services provider's stock, valued at approximately $983,000. First Horizon makes up about 0.7% of Wealth Preservation Advisors LLC's investment portfolio, making the stock its 21st biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. HighTower Advisors LLC raised its holdings in shares of First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock valued at $1,175,000 after purchasing an additional 575 shares in the last quarter. Signaturefd LLC grew its stake in First Horizon by 4.8% in the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after buying an additional 635 shares during the last quarter. Tidal Investments LLC grew its stake in First Horizon by 1.2% in the 4th quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after buying an additional 767 shares during the last quarter. Greenleaf Trust grew its stake in First Horizon by 3.9% in the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock valued at $406,000 after buying an additional 779 shares during the last quarter. Finally, Summit Asset Management LLC grew its stake in First Horizon by 4.5% in the 1st quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock valued at $358,000 after buying an additional 788 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FHN shares. Bank of America raised their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Wells Fargo & Company raised their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Truist Financial raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group started coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Activity

In related news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,295 shares of company stock worth $3,322,663. 1.04% of the stock is owned by company insiders.

First Horizon Stock Performance

Shares of NYSE:FHN traded down $0.12 on Monday, hitting $22.59. 9,262,381 shares of the company were exchanged, compared to its average volume of 9,895,601. The company's 50 day moving average price is $21.85 and its two-hundred day moving average price is $20.14. First Horizon Corporation has a one year low of $14.82 and a one year high of $23.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the previous year, the firm posted $0.36 EPS. Research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's payout ratio is presently 38.71%.

First Horizon Company 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.