First Horizon Co. (NYSE:FHN) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its holdings in First Horizon Co. (NYSE:FHN) by 2.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 169,149 shares of the financial services provider’s stock after selling 4,780 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in First Horizon were worth $2,627,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. raised its stake in shares of First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares during the period. Family Firm Inc. purchased a new stake in First Horizon in the 2nd quarter worth $28,000. Nemes Rush Group LLC raised its position in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. purchased a new position in First Horizon during the second quarter valued at $31,000. Finally, Covestor Ltd grew its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Price Performance

NYSE:FHN opened at $20.19 on Monday. The company has a market capitalization of $10.70 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The stock’s fifty day moving average is $18.88 and its two-hundred day moving average is $16.78.

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

First Horizon declared that its board has approved a stock buyback program 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 programs are usually an indication that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. First Horizon’s payout ratio is currently 43.48%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Stephens lifted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Royal Bank of Canada boosted their price target on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Raymond James raised their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $19.69.

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.