California Public Employees Retirement System Grows Stock Holdings in First Horizon Corporation $FHN

California Public Employees Retirement System boosted its stake in shares of First Horizon Corporation (NYSE:FHN) by 6.9% during the first quarter, Holdings Channel reports. The firm owned 1,035,323 shares of the financial services provider’s stock after purchasing an additional 66,496 shares during the quarter. California Public Employees Retirement System’s holdings in First Horizon were worth $23,564,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after buying an additional 865,109 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of 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 acquiring an additional 1,095 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 3,835 shares during the period. Federated Hermes Inc. increased its position in First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after acquiring an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after acquiring an additional 26,323 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Barclays lowered their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. National Bank Financial set a $29.00 target price on shares of First Horizon in a research report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $27.16.

First Horizon Stock Performance

NYSE:FHN opened at $25.73 on Thursday. The stock has a 50-day simple moving average of $24.87 and a two-hundred day simple moving average of $24.31. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market capitalization of $12.21 billion, a PE ratio of 12.31, a P/E/G ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the business posted $0.45 earnings per share. Analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

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.