First Horizon Corporation $FHN Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System cut its position in shares of First Horizon Corporation (NYSE:FHN) by 2.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 142,700 shares of the financial services provider’s stock after selling 4,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in First Horizon were worth $3,025,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Byrne Asset Management LLC grew its stake in shares of First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after buying an additional 830 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of First Horizon in the first quarter valued at about $38,000. Quarry LP grew its stake in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,243 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its stake in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after buying an additional 2,658 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the subject of a number of recent research reports. Raymond James Financial set a $25.00 target price on First Horizon and gave the company an “outperform” rating in a research note on Tuesday. Cowen assumed coverage on First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a report on Wednesday. JPMorgan Chase & Co. increased their price target on First Horizon from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, October 1st. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.76.

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares of the company’s stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Up 1.6%

NYSE:FHN opened at $23.42 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $22.39 and its two-hundred day moving average is $20.66. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.48. The company has a market cap of $11.89 billion, a PE ratio of 15.11, a P/E/G ratio of 1.08 and a beta of 0.67.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter last year, the business posted $0.36 EPS. On average, analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is currently 38.71%.

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.