First Horizon Corporation $FHN Shares Sold by Strs Ohio

Strs Ohio lowered its position in shares of First Horizon Corporation (NYSE:FHN) by 24.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,021 shares of the financial services provider’s stock after selling 84,887 shares during the period. Strs Ohio owned 0.05% of First Horizon worth $5,924,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FHN. Norges Bank purchased a new position in First Horizon in the second quarter valued at approximately $131,399,000. William Blair Investment Management LLC purchased a new position in shares of First Horizon during the second quarter worth approximately $79,776,000. Azora Capital LP increased its holdings in shares of First Horizon by 1,020.5% in the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock valued at $55,337,000 after acquiring an additional 2,377,300 shares during the period. JPMorgan Chase & Co. raised its position in First Horizon by 45.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after purchasing an additional 2,091,865 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. UBS Group reaffirmed a “buy” rating and set a $28.00 price target on shares of First Horizon in a report on Tuesday, January 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 price objective on shares of First Horizon in a research note on Monday, January 12th. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $26.58.

First Horizon Stock Performance

First Horizon stock opened at $24.25 on Tuesday. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.21. The stock has a fifty day moving average price of $23.56 and a 200 day moving average price of $22.55. The firm has a market capitalization of $11.94 billion, a P/E ratio of 12.90, a PEG ratio of 0.90 and a beta of 0.61. 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 posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. Equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon announced that its board has initiated a stock repurchase program on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.