New York State Teachers Retirement System Sells 12,194 Shares of First Horizon Co. (NYSE:FHN)

New York State Teachers Retirement System trimmed its stake in First Horizon Co. (NYSE:FHN) by 2.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 598,838 shares of the financial services provider’s stock after selling 12,194 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of First Horizon worth $9,300,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Access Investment Management LLC lifted its stake in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after acquiring an additional 715 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of First Horizon by 6.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 765 shares during the last quarter. Simplicity Wealth LLC lifted its stake in shares of First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 786 shares during the last quarter. KMG Fiduciary Partners LLC lifted its stake in shares of First Horizon by 0.6% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after acquiring an additional 952 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of First Horizon by 7.5% during the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,094 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Down 0.8 %

Shares of NYSE:FHN opened at $17.19 on Monday. First Horizon Co. has a 12-month low of $10.89 and a 12-month high of $17.93. The business’s fifty day simple moving average is $16.21 and its 200-day simple moving average is $15.77. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $9.21 billion, a PE ratio of 12.46, a P/E/G ratio of 1.30 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period in the previous year, the business earned $0.27 EPS. As a group, equities research analysts predict that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.49%. First Horizon’s payout ratio is presently 43.48%.

First Horizon announced that its board has authorized a stock buyback plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

FHN has been the subject of a number of research analyst reports. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Barclays lifted their target price on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Finally, Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $17.92.

First Horizon Profile

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.