Maryland State Retirement & Pension System Trims Position in First Horizon Co. (NYSE:FHN)

Maryland State Retirement & Pension System lowered its position in shares of First Horizon Co. (NYSE:FHN) by 8.6% during the fourth quarter, Holdings Channel reports. The fund owned 28,444 shares of the financial services provider’s stock after selling 2,663 shares during the quarter. Maryland State Retirement & Pension System’s holdings in First Horizon were worth $573,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FHN. Xponance Inc. increased its stake in First Horizon by 4.8% in the fourth quarter. Xponance Inc. now owns 61,171 shares of the financial services provider’s stock valued at $1,232,000 after purchasing an additional 2,804 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of First Horizon by 53.2% during the 4th quarter. Intech Investment Management LLC now owns 644,742 shares of the financial services provider’s stock valued at $12,985,000 after acquiring an additional 223,993 shares during the last quarter. one8zero8 LLC purchased a new position in shares of First Horizon during the 4th quarter worth about $262,000. Natixis Advisors LLC boosted its position in shares of First Horizon by 0.9% in the fourth quarter. Natixis Advisors LLC now owns 301,577 shares of the financial services provider’s stock worth $6,074,000 after acquiring an additional 2,687 shares during the last quarter. Finally, Poinciana Advisors Group LLC purchased a new stake in First Horizon in the fourth quarter valued at approximately $262,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.87% of the company’s stock.

First Horizon Stock Up 1.9 %

Shares of NYSE FHN opened at $19.67 on Tuesday. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The stock’s 50-day simple moving average is $20.79 and its 200-day simple moving average is $19.25.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the business posted $0.32 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio is currently 44.12%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FHN. Royal Bank of Canada increased their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lifted their target price on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Stephens restated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. The Goldman Sachs Group boosted their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Bank of America raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $22.23.

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.