New York State Teachers Retirement System Has $11.62 Million Stock Holdings in First Horizon Corporation $FHN

New York State Teachers Retirement System cut its holdings in First Horizon Corporation (NYSE:FHN) by 0.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 548,083 shares of the financial services provider’s stock after selling 860 shares during the quarter. New York State Teachers Retirement System owned about 0.11% of First Horizon worth $11,619,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FHN. Geneos Wealth Management Inc. lifted its stake 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 valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Compass Financial Services Inc acquired a new stake in First Horizon in the first quarter valued at approximately $38,000. Quarry LP lifted its stake in First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,243 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,658 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First Horizon in the first quarter valued at approximately $73,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FHN. Royal Bank Of Canada lifted their price target on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Evercore ISI reissued an “in-line” rating and issued a $20.00 price target (down previously from $26.00) on shares of First Horizon in a research report on Thursday. Citigroup lifted their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Cowen began coverage on shares of First Horizon in a research report on Wednesday, September 24th. They issued a “hold” rating on the stock. Finally, TD Cowen began coverage on shares of First Horizon in a research report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price target on the stock. One research 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 stock. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $24.47.

First Horizon Trading Up 1.7%

Shares of FHN stock opened at $20.28 on Friday. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The firm’s fifty day simple moving average is $22.39 and its 200 day simple moving average is $20.75. The firm has a market capitalization of $10.30 billion, a P/E ratio of 12.29, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The business had revenue of $849.00 million for the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the previous year, the firm posted $0.42 earnings per share. First Horizon’s revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. First Horizon’s payout ratio is 36.36%.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares of the company’s stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.87% of the company’s stock.

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.