Retirement Systems of Alabama Sells 55,679 Shares of First Horizon Corporation $FHN

Retirement Systems of Alabama trimmed its stake in First Horizon Corporation (NYSE:FHN) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,390,837 shares of the financial services provider’s stock after selling 55,679 shares during the quarter. Retirement Systems of Alabama owned approximately 0.28% of First Horizon worth $33,241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of FHN. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon in the 3rd quarter worth approximately $25,000. Navigoe LLC bought a new position in First Horizon during the third quarter valued at $25,000. Root Financial Partners LLC bought a new position in First Horizon during the third quarter valued at $31,000. Kestra Investment Management LLC increased its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after buying an additional 900 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

First Horizon stock opened at $22.74 on Wednesday. The firm has a market capitalization of $10.86 billion, a P/E ratio of 12.09, a PEG ratio of 0.83 and a beta of 0.61. First Horizon Corporation has a one year low of $15.19 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business has a fifty day moving average price of $23.82 and a 200-day moving average price of $23.08.

First Horizon (NYSE:FHN) last released its quarterly earnings data 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. The company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the previous year, the company posted $0.43 EPS. As a group, equities research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is currently 36.17%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings cut First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 17th. TD Cowen lifted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, January 16th. Zacks Research cut First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a report on Monday, January 12th. Finally, The Goldman Sachs Group set a $27.00 target price on shares of First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Nine investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus target price of $26.76.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.91% of the company’s stock.

First Horizon Company Profile

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.