Police & Firemen s Retirement System of New Jersey Has $4.10 Million Stake in First Horizon Corporation $FHN

Police & Firemen s Retirement System of New Jersey increased its position in shares of First Horizon Corporation (NYSE:FHN) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 193,564 shares of the financial services provider’s stock after purchasing an additional 2,943 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in First Horizon were worth $4,104,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cerity Partners LLC increased its position in First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock worth $2,458,000 after acquiring an additional 22,852 shares during the period. Signaturefd LLC grew its position in shares of First Horizon by 4.8% during the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 635 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of First Horizon by 17.8% during the first quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider’s stock worth $61,953,000 after purchasing an additional 483,144 shares during the period. AMG National Trust Bank raised its position in shares of First Horizon by 2.8% in the first quarter. AMG National Trust Bank now owns 104,833 shares of the financial services provider’s stock valued at $2,036,000 after buying an additional 2,873 shares in the last quarter. Finally, Twin Capital Management Inc. bought a new stake in shares of First Horizon in the first quarter valued at approximately $1,409,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods cut their target price on First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. DA Davidson reiterated a “neutral” rating and set a $24.00 price objective on shares of First Horizon in a research note on Thursday, October 16th. Robert W. Baird set a $25.00 target price on shares of First Horizon in a report on Wednesday, October 15th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Barclays increased their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday. One 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.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $24.41.

Insider Activity at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 262,768 shares of company stock valued at $5,721,862 in the last ninety days. 0.87% of the stock is currently owned by insiders.

First Horizon Trading Down 0.2%

Shares of First Horizon stock opened at $21.39 on Friday. The firm’s 50 day moving average is $21.96 and its 200 day moving average is $21.33. The firm has a market capitalization of $10.53 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.70. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The company has a current ratio of 0.96, a quick ratio of 0.95 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 (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company had revenue of $893.00 million during the quarter, compared to the consensus estimate of $848.08 million. During the same period in the prior year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, December 12th. First Horizon’s payout ratio is 36.36%.

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

About First Horizon

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.