First Horizon Corporation $FHN Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas lowered its holdings in shares of First Horizon Corporation (NYSE:FHN) by 4.1% during the second quarter, HoldingsChannel.com reports. The firm owned 143,948 shares of the financial services provider’s stock after selling 6,079 shares during the period. Teacher Retirement System of Texas’ holdings in First Horizon were worth $3,052,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cerity Partners LLC increased its holdings in First Horizon by 22.0% in the 1st 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 in the last quarter. Brown Advisory Inc. increased its stake in shares of First Horizon by 13.3% during the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock worth $1,341,000 after purchasing an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC raised its position in shares of First Horizon by 713.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock worth $2,933,000 after purchasing an additional 132,481 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in First Horizon in the 1st quarter worth about $7,506,000. Finally, American Century Companies Inc. increased its stake in First Horizon by 12.5% during the 1st quarter. American Century Companies Inc. now owns 283,790 shares of the financial services provider’s stock worth $5,511,000 after buying an additional 31,576 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Performance

First Horizon stock opened at $21.39 on Friday. The firm has a 50 day simple moving average of $22.17 and a 200-day simple moving average of $21.05. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 11.03% and a net margin of 18.08%.The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 earnings per share. On average, analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its board has initiated a share repurchase plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s dividend payout ratio (DPR) is presently 36.36%.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were 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 of the company’s stock, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday. Barclays lifted their target price on shares of First Horizon from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lowered their price target on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. Finally, Truist Financial raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.47.

First Horizon Company 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.