Commonwealth of Pennsylvania Public School Empls Retrmt SYS Buys 5,067 Shares of First Horizon Corporation $FHN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of First Horizon Corporation (NYSE:FHN) by 4.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 130,324 shares of the financial services provider’s stock after purchasing an additional 5,067 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in First Horizon were worth $2,763,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Cary Street Partners Financial LLC increased its stake in First Horizon by 713.3% in the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock valued at $2,933,000 after acquiring an additional 132,481 shares during the last quarter. Baird Financial Group Inc. purchased a new position in shares of First Horizon in the 1st quarter worth about $7,506,000. American Century Companies Inc. increased its position in shares of 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 valued at $5,511,000 after purchasing an additional 31,576 shares during the last quarter. Maverick Capital Ltd. raised its holdings in shares of First Horizon by 117.7% during the 1st quarter. Maverick Capital Ltd. now owns 35,493 shares of the financial services provider’s stock valued at $689,000 after buying an additional 19,191 shares in the last quarter. Finally, Wealth Preservation Advisors LLC purchased a new position in shares of First Horizon during the first quarter worth approximately $983,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

First Horizon stock opened at $21.37 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $10.52 billion, a P/E ratio of 12.95, a P/E/G ratio of 0.81 and a beta of 0.70. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.70. The firm has a 50-day moving average of $21.86 and a 200-day moving average of $21.39.

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 analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The business had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the prior year, the company posted $0.42 EPS. First Horizon’s quarterly revenue was up 7.4% compared to the same quarter last year. Sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

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

Wall Street Analyst Weigh In

FHN has been the topic of several recent research reports. Citigroup increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the company a “buy” rating in a research note on Wednesday, October 15th. TD Cowen started coverage on First Horizon in a research note on Thursday, September 25th. They issued a “hold” rating and a $25.00 target price for the company. Cowen started coverage on First Horizon in a report on Wednesday, September 24th. They set a “hold” rating for the company. Finally, Keefe, Bruyette & Woods decreased their price target on First Horizon from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. One equities research 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. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $24.41.

Insiders Place Their Bets

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 262,768 shares of company stock worth $5,721,862. Insiders own 0.87% of the company’s stock.

First Horizon 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.