State of New Jersey Common Pension Fund D Has $2.66 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

State of New Jersey Common Pension Fund D grew its stake in First Horizon Co. (NYSE:FHN) by 7.2% during the third quarter, HoldingsChannel.com reports. The firm owned 171,104 shares of the financial services provider’s stock after buying an additional 11,492 shares during the period. State of New Jersey Common Pension Fund D’s holdings in First Horizon were worth $2,657,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millennium Management LLC lifted its stake in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after buying an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of First Horizon in the 2nd quarter valued at approximately $66,779,000. Bank of New York Mellon Corp raised its position in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP boosted its stake in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock valued at $63,304,000 after purchasing an additional 3,340,700 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Up 1.3 %

Shares of NYSE:FHN opened at $20.14 on Thursday. The stock has a market capitalization of $10.68 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.48 and a beta of 0.86. The company’s 50-day moving average price is $16.66 and its two-hundred day moving average price is $16.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a one year low of $11.86 and a one year high of $20.53.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the company posted $0.27 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.98%. First Horizon’s dividend payout ratio is presently 43.48%.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 0.00 % 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, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FHN has been the topic of several analyst reports. Evercore ISI increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Finally, Raymond James boosted their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.38.

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.