Public Employees Retirement System of Ohio Invests $3.76 Million in First Horizon Corporation $FHN

Public Employees Retirement System of Ohio purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 146,692 shares of the financial services provider’s stock, valued at approximately $3,761,000.

Other large investors have also recently modified their holdings of the company. Bessemer Group Inc. grew its position in First Horizon by 0.3% during the 1st quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock valued at $3,162,000 after purchasing an additional 425 shares during the last quarter. Thoroughbred Financial Services LLC lifted its stake in shares of First Horizon by 3.4% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after buying an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of First Horizon by 0.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after buying an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of First Horizon by 1.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after buying an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in shares of First Horizon by 3.5% during the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after buying an additional 537 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.91% of the stock is owned by insiders.

Analyst Ratings Changes

FHN has been the subject of a number of recent analyst reports. UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. JPMorgan Chase & Co. cut their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Evercore set a $27.00 target price on First Horizon in a report on Monday, July 6th. Truist Financial boosted their price target on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Finally, Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $27.26.

First Horizon Stock Up 1.6%

Shares of First Horizon stock opened at $24.96 on Friday. The company has a market cap of $11.83 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60. The company’s 50 day moving average is $25.41 and its 200 day moving average is $24.44. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same quarter in the previous year, the firm posted $0.45 EPS. Research analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is 32.54%.

First Horizon Profile

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.