First Horizon Co. (NYSE:FHN) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lowered its holdings in First Horizon Co. (NYSE:FHN) by 0.9% in the fourth quarter, HoldingsChannel reports. The firm owned 147,100 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in First Horizon were worth $2,963,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. State Street Corp grew its holdings in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after purchasing an additional 4,116,486 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of First Horizon by 0.7% in the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after purchasing an additional 61,397 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of First Horizon in the third quarter valued at approximately $39,242,000. Barclays PLC grew its holdings in shares of First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after purchasing an additional 1,185,772 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after purchasing an additional 285,108 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by insiders.

Analyst Ratings Changes

FHN has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Raymond James lifted their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Bank of America lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group lifted their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Down 0.7 %

Shares of NYSE:FHN opened at $22.01 on Friday. The company has a market capitalization of $11.67 billion, a PE ratio of 16.18, a P/E/G ratio of 1.26 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a twelve month low of $13.69 and a twelve month high of $22.44. The firm has a 50 day simple moving average of $20.86 and a 200-day simple moving average of $18.40.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, equities analysts predict that First Horizon Co. will post 1.64 EPS for the current fiscal year.

First Horizon announced that its board has approved a stock repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 2.73%. First Horizon’s dividend payout ratio (DPR) is 44.12%.

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.