First Horizon Corporation $FHN Stock Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its position in First Horizon Corporation (NYSE:FHN) by 25.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,314 shares of the financial services provider’s stock after selling 50,900 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in First Horizon were worth $3,483,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC bought a new position in First Horizon during the 2nd quarter valued at $42,000. Basecamp Wealth Advisors LLC increased its position in shares of First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 746 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of First Horizon by 58.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock worth $60,000 after buying an additional 864 shares in the last quarter. Transamerica Financial Advisors LLC bought a new stake in shares of First Horizon in the 2nd quarter worth $70,000. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of First Horizon in the 1st quarter worth $77,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FHN has been the subject of several research analyst reports. National Bank Financial set a $30.00 price objective on First Horizon in a report on Tuesday, September 8th. Citigroup decreased their target price on First Horizon from $28.50 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Hovde Group began coverage on First Horizon in a report on Thursday, September 17th. They set a “market perform” rating and a $25.00 target price on the stock. Raymond James Financial dropped their price target on shares of First Horizon from $28.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Finally, JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $27.07.

Insider Activity

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 transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.91% of the stock is owned by insiders.

First Horizon Trading Up 1.6%

Shares of NYSE:FHN opened at $23.65 on Tuesday. The stock has a market capitalization of $11.20 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 0.96 and a beta of 0.61. First Horizon Corporation has a 1-year low of $20.40 and a 1-year high of $26.56. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.97. The company has a 50 day moving average price of $23.69 and a 200 day moving average price of $24.28.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.18 million. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. During the same quarter in the previous year, the business posted $0.51 earnings per share. On average, research analysts anticipate that First Horizon Corporation will post 2.14 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is currently 48.92%.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.