First Horizon Corporation $FHN Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its stake in shares of First Horizon Corporation (NYSE:FHN) by 1.0% during the 2nd quarter, Holdings Channel reports. The firm owned 1,707,915 shares of the financial services provider’s stock after selling 17,817 shares during the quarter. Retirement Systems of Alabama’s holdings in First Horizon were worth $36,208,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in FHN. Geneos Wealth Management Inc. lifted its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the period. Compass Financial Services Inc purchased a new position in First Horizon in the 1st quarter worth $38,000. Quarry LP lifted its position in First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,243 shares during the period. Hantz Financial Services Inc. grew its stake in First Horizon by 1,579.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 1,959 shares during the last quarter. Finally, FNY Investment Advisers LLC grew its stake in First Horizon by 782.8% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,560 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,270 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. TD Cowen assumed coverage on First Horizon in a report on Thursday, September 25th. They set a “hold” rating and a $25.00 target price for the company. Citigroup raised their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Raymond James Financial set a $23.00 price objective on shares of First Horizon in a research note on Wednesday, October 15th. Evercore ISI reaffirmed an “in-line” rating and issued a $20.00 price objective (down from $26.00) on shares of First Horizon in a report on Thursday, October 16th. Finally, Wells Fargo & Company reduced their target price on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.47.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Up 1.1%

Shares of NYSE:FHN opened at $20.95 on Friday. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $23.70. The stock has a market cap of $10.64 billion, a P/E ratio of 12.70, a PEG ratio of 0.81 and a beta of 0.67. The business has a fifty day moving average of $22.19 and a two-hundred day moving average of $20.99. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. The firm had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS. On average, research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

First Horizon declared that its Board of Directors has initiated a stock repurchase program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.