Envestnet Asset Management Inc. Has $2.95 Million Holdings in First Horizon Corporation $FHN

Envestnet Asset Management Inc. lifted its stake in First Horizon Corporation (NYSE:FHN) by 22.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 130,332 shares of the financial services provider’s stock after acquiring an additional 23,725 shares during the period. Envestnet Asset Management Inc.’s holdings in First Horizon were worth $2,947,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after purchasing an additional 47,119 shares in the last quarter. First Horizon Corp bought a new position in shares of First Horizon during the 3rd quarter worth approximately $2,361,000. Allianz Asset Management GmbH acquired a new stake in First Horizon in the 3rd quarter valued at $6,416,000. Voya Investment Management LLC grew its position in First Horizon by 301.4% in the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after acquiring an additional 172,599 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new stake in First Horizon in the third quarter valued at $1,211,000. Institutional investors own 80.28% of the company’s stock.

Insiders Place Their Bets

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Barclays lifted their price objective on First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Finally, Raymond James Financial increased their price target on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.66.

First Horizon Stock Performance

Shares of First Horizon stock opened at $24.47 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $24.59 and a 200 day simple moving average of $23.01. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The firm has a market cap of $12.05 billion, a P/E ratio of 13.02, a P/E/G ratio of 0.91 and a beta of 0.63.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million for 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 period last year, the company earned $0.43 EPS. Sell-side analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.17 dividend. The ex-dividend date is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon’s dividend payout ratio is 31.91%.

About First Horizon

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.