First Horizon Co. (NYSE:FHN) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System decreased its stake in First Horizon Co. (NYSE:FHN) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,444 shares of the financial services provider’s stock after selling 2,663 shares during the period. Maryland State Retirement & Pension System’s holdings in First Horizon were worth $573,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Versant Capital Management Inc boosted its stake in First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in First Horizon during the 4th quarter worth approximately $30,000. Kentucky Trust Co acquired a new position in First Horizon during the fourth quarter worth approximately $32,000. True Wealth Design LLC purchased a new stake in First Horizon in the third quarter valued at approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,000 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FHN. Citigroup increased their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. UBS Group assumed coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target on the stock. Royal Bank of Canada increased their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group boosted their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Barclays lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.23.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

FHN opened at $19.67 on Tuesday. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44. The stock has a market cap of $10.11 billion, a P/E ratio of 14.46, a P/E/G ratio of 1.19 and a beta of 0.86. The stock’s 50 day simple moving average is $20.79 and its 200 day simple moving average is $19.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the business earned $0.32 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

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.