180,714 Shares in First Horizon Corporation $FHN Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the second quarter, HoldingsChannel.com reports. The fund purchased 180,714 shares of the financial services provider’s stock, valued at approximately $3,831,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new stake in shares of First Horizon during the first quarter worth approximately $38,000. Quarry LP raised its stake in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,243 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,658 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of First Horizon during the first quarter worth approximately $73,000. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on FHN. Citigroup boosted their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Royal Bank Of Canada boosted their price objective on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Keefe, Bruyette & Woods decreased their price objective on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a report on Thursday, October 16th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Horizon in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president owned 462,581 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by company insiders.

First Horizon Stock Up 1.3%

Shares of NYSE FHN opened at $20.54 on Tuesday. The stock has a market cap of $10.43 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.83 and a beta of 0.67. The firm has a 50 day moving average price of $22.38 and a 200 day moving average price of $20.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $23.70.

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

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio is 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.