First Horizon Corporation $FHN Shares Sold by Strs Ohio

Strs Ohio lessened its stake in First Horizon Corporation (NYSE:FHN) by 24.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 262,021 shares of the financial services provider’s stock after selling 84,887 shares during the period. Strs Ohio’s holdings in First Horizon were worth $5,924,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC increased its position in shares of First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 514 shares during the last quarter. Inspire Investing LLC grew its stake in First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 624 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in First Horizon by 2.9% in the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock valued at $541,000 after buying an additional 672 shares during the last quarter. Allen Capital Group LLC raised its stake in First Horizon by 1.2% during the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock valued at $1,376,000 after buying an additional 732 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in First Horizon by 57.9% during the 2nd 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 last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FHN shares. Keefe, Bruyette & Woods boosted their price target on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Horizon in a research note on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price for the company. Wells Fargo & Company reduced their price target on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Citigroup lifted their price target on shares of First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.58.

First Horizon Stock Up 1.4%

FHN stock opened at $24.25 on Tuesday. The stock has a market cap of $11.94 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 0.90 and a beta of 0.61. The firm’s 50-day simple moving average is $23.56 and its 200 day simple moving average is $22.55. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $25.21. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its 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 net margin of 19.67% and a return on equity of 11.21%. The firm had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. During the same period in the previous year, the business posted $0.43 EPS. As a group, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on 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 transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 155,149 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.04% of the company’s stock.

First Horizon 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.