First Horizon Co. (NYSE:FHN) Stock Holdings Lessened by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in shares of First Horizon Co. (NYSE:FHN) by 12.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 483,937 shares of the financial services provider’s stock after selling 66,856 shares during the period. New York State Common Retirement Fund owned about 0.09% of First Horizon worth $6,853,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FHN. Xponance Inc. increased its stake in shares of First Horizon by 2.6% in the third quarter. Xponance Inc. now owns 67,427 shares of the financial services provider’s stock worth $743,000 after acquiring an additional 1,680 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of First Horizon during the 3rd quarter worth about $113,000. Independent Advisor Alliance purchased a new stake in shares of First Horizon during the 3rd quarter worth about $593,000. KMG Fiduciary Partners LLC lifted its holdings in shares of First Horizon by 5.4% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 179,492 shares of the financial services provider’s stock valued at $1,978,000 after buying an additional 9,182 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in shares of First Horizon by 8.8% in the 3rd quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider’s stock valued at $7,058,000 after buying an additional 51,979 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on FHN. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Robert W. Baird increased their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Wedbush reaffirmed an “outperform” rating and issued a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. Finally, Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $13.00 to $17.00 in a research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Stock Up 0.8 %

FHN opened at $15.80 on Friday. The business has a 50 day moving average of $14.73 and a 200-day moving average of $13.65. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of 11.05, a P/E/G ratio of 4.14 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $15.96.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same period in the prior year, the firm earned $0.46 EPS. The business’s revenue was down 4.7% on a year-over-year basis. As a group, sell-side analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s dividend payout ratio is 41.96%.

First Horizon announced that its board has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.