Retirement Systems of Alabama Sells 6,378 Shares of First Horizon Co. (NYSE:FHN)

Retirement Systems of Alabama cut its stake in shares of First Horizon Co. (NYSE:FHN) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,732,564 shares of the financial services provider’s stock after selling 6,378 shares during the quarter. Retirement Systems of Alabama owned 0.33% of First Horizon worth $34,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc lifted its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 1,325 shares during the last quarter. Covestor Ltd lifted its holdings in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the last quarter. True Wealth Design LLC bought a new stake in shares of First Horizon in the 3rd quarter worth approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of First Horizon by 335.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,000 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FHN. Barclays boosted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Bank of America boosted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Stephens reaffirmed an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research note on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $22.04.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Up 1.3 %

Shares of First Horizon stock opened at $22.06 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $20.70 and its two-hundred day simple moving average is $18.18. The company has a market cap of $11.69 billion, a P/E ratio of 16.22, a PEG ratio of 1.24 and a beta of 0.92. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $22.10.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $0.32 EPS. Research analysts anticipate that First Horizon Co. will post 1.63 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

First Horizon declared that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.