New York State Teachers Retirement System Sells 860 Shares of First Horizon Corporation $FHN

New York State Teachers Retirement System lessened its holdings in First Horizon Corporation (NYSE:FHN) by 0.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 548,083 shares of the financial services provider’s stock after selling 860 shares during the period. New York State Teachers Retirement System’s holdings in First Horizon were worth $11,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% in the 1st 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 during the period. Compass Financial Services Inc acquired a new stake in shares of First Horizon in the 1st quarter valued at $38,000. Quarry LP boosted its stake in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in shares of First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,658 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of First Horizon in the 1st quarter valued at $73,000. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on FHN shares. Barclays boosted their target price on shares of First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Robert W. Baird set a $25.00 target price on shares of First Horizon in a research note on Wednesday. Cowen started coverage on shares of First Horizon in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.47.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Up 1.7%

Shares of NYSE FHN opened at $20.28 on Friday. The firm’s 50-day simple moving average is $22.39 and its 200 day simple moving average is $20.75. The company has a market cap of $10.30 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $23.70.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. On average, research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, September 12th. First Horizon’s payout ratio is currently 36.36%.

About First Horizon

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.