Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 5,067 Shares of First Horizon Corporation $FHN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in First Horizon Corporation (NYSE:FHN) by 4.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 130,324 shares of the financial services provider’s stock after buying an additional 5,067 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in First Horizon were worth $2,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geneos Wealth Management Inc. boosted its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new stake in shares of First Horizon during the 1st quarter worth $38,000. Allworth Financial LP boosted its holdings in shares of First Horizon by 57.9% in the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock worth $44,000 after buying an additional 757 shares during the last quarter. Hantz Financial Services Inc. grew its position in First Horizon by 1,579.8% during the second quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock valued at $44,000 after buying an additional 1,959 shares during the period. Finally, Golden State Wealth Management LLC increased its holdings in First Horizon by 2,906.8% during the second quarter. Golden State Wealth Management LLC now owns 2,195 shares of the financial services provider’s stock worth $47,000 after buying an additional 2,122 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FHN shares. Royal Bank Of Canada boosted their target price on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Raymond James Financial set a $23.00 price objective on First Horizon in a research note on Wednesday, October 15th. Citigroup raised their target price on First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Barclays upped their price target on First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Finally, Wells Fargo & Company cut their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.41.

First Horizon Trading Up 2.9%

NYSE:FHN opened at $21.37 on Thursday. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The stock’s fifty day moving average price is $21.86 and its two-hundred day moving average price is $21.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $10.52 billion, a P/E ratio of 12.95, a P/E/G ratio of 0.81 and a beta of 0.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company had revenue of $893.00 million for the quarter, compared to analyst estimates of $848.08 million. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

First Horizon declared that its board has approved a stock buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the sale, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 262,768 shares of company stock valued at $5,721,862. 0.87% of the stock is owned by corporate insiders.

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.