Retirement Systems of Alabama Sells 261,399 Shares of First Horizon Corporation $FHN

Retirement Systems of Alabama decreased its holdings in First Horizon Corporation (NYSE:FHN) by 15.3% in the third quarter, Holdings Channel reports. The fund owned 1,446,516 shares of the financial services provider’s stock after selling 261,399 shares during the quarter. Retirement Systems of Alabama’s holdings in First Horizon were worth $32,706,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Navigoe LLC bought a new stake in First Horizon during the third quarter worth approximately $25,000. Root Financial Partners LLC bought a new position in shares of First Horizon during the 3rd quarter valued at approximately $31,000. Kestra Investment Management LLC raised its holdings in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. lifted 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 buying an additional 1,095 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in First Horizon by 57.9% during the second 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 period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares in the company, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction dated 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 directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.04% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on FHN. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Evercore ISI reissued an “in-line” rating and issued a $20.00 price objective (down from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. Truist Financial set a $27.00 price objective on shares of First Horizon in a research note on Friday, January 9th. Stephens boosted their target price on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Finally, Raymond James Financial increased their price target on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $26.58.

First Horizon Price Performance

Shares of FHN stock opened at $23.91 on Monday. The company has a market capitalization of $11.77 billion, a P/E ratio of 12.72, a P/E/G ratio of 0.90 and a beta of 0.61. The company’s 50-day simple moving average is $23.49 and its two-hundred day simple moving average is $22.54. First Horizon Corporation has a one year low of $15.19 and a one year high of $25.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the previous year, the business earned $0.43 earnings per share. As a group, equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its board has approved a stock repurchase plan on Monday, October 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.