Teacher Retirement System of Texas Acquires 48,177 Shares of First Horizon Co. (NYSE:FHN)

Teacher Retirement System of Texas increased its holdings in First Horizon Co. (NYSE:FHN) by 31.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,416 shares of the financial services provider’s stock after purchasing an additional 48,177 shares during the period. Teacher Retirement System of Texas’ holdings in First Horizon were worth $4,057,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Citigroup Inc. boosted its position in shares of First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after acquiring an additional 285,108 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new stake in First Horizon in the 4th quarter worth $304,000. Merit Financial Group LLC bought a new position in shares of First Horizon during the 4th quarter valued at about $453,000. Smith Group Asset Management LLC purchased a new position in shares of First Horizon during the fourth quarter valued at about $1,813,000. Finally, Cerity Partners LLC increased its holdings in shares of First Horizon by 44.9% in the third quarter. Cerity Partners LLC now owns 114,529 shares of the financial services provider’s stock worth $1,779,000 after purchasing an additional 35,479 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Barclays boosted their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Bank of America increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group assumed coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.23.

First Horizon Trading Up 1.9 %

NYSE FHN opened at $19.67 on Tuesday. The stock has a market cap of $10.11 billion, a PE ratio of 14.46, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44. The company’s 50-day moving average price is $20.79 and its 200-day moving average price is $19.25. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the company posted $0.32 EPS. Equities research analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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 dividend yield of 3.05%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insider Activity

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.87% of the company’s stock.

About First Horizon

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.