First Horizon Co. (NYSE:FHN) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System decreased its stake in shares of First Horizon Co. (NYSE:FHN) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,100 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in First Horizon were worth $2,963,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc grew its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the period. Covestor Ltd grew its position in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the period. CreativeOne Wealth LLC grew its position in First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after buying an additional 773 shares during the period. Pacer Advisors Inc. grew its position in First Horizon by 1.1% during the fourth quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider’s stock valued at $1,592,000 after buying an additional 824 shares during the period. Finally, GAMMA Investing LLC grew its position in First Horizon by 10.6% during the fourth quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock valued at $184,000 after buying an additional 875 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FHN shares. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Barclays increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. The Goldman Sachs Group increased their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Evercore ISI increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Stock Performance

NYSE:FHN opened at $22.01 on Friday. First Horizon Co. has a twelve month low of $13.69 and a twelve month high of $22.44. The company has a market cap of $11.67 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.26 and a beta of 0.92. The company’s 50-day moving average price is $20.86 and its 200-day moving average price is $18.40. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company earned $0.32 earnings per share. On average, sell-side analysts forecast that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

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.