Retirement Systems of Alabama Sells 17,817 Shares of First Horizon Corporation $FHN

Retirement Systems of Alabama decreased its holdings in First Horizon Corporation (NYSE:FHN) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,707,915 shares of the financial services provider’s stock after selling 17,817 shares during the quarter. Retirement Systems of Alabama owned 0.34% of First Horizon worth $36,208,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FHN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Horizon by 53.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after acquiring an additional 4,392,405 shares during the last quarter. Invesco Ltd. increased its stake in shares of First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after purchasing an additional 2,968,012 shares in the last quarter. Sculptor Capital LP raised its holdings in First Horizon by 59.0% in the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock worth $94,517,000 after purchasing an additional 1,806,000 shares during the period. William Blair Investment Management LLC bought a new stake in First Horizon during the second quarter valued at about $79,776,000. Finally, Victory Capital Management Inc. increased its position in First Horizon by 17.8% in the first quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider’s stock worth $61,953,000 after buying an additional 483,144 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Up 1.1%

Shares of NYSE FHN opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $10.64 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.81 and a beta of 0.67. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.70. The business has a fifty day moving average price of $22.19 and a 200 day moving average price of $20.99.

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

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s dividend payout ratio is presently 36.36%.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction 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 owned 462,581 shares of the company’s stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised their target price on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Truist Financial lifted their target price on First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Citigroup lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Finally, Cowen began coverage on shares of First Horizon in a research note on Wednesday, September 24th. They set a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.