Texas Permanent School Fund Corp Raises Stock Holdings in First Horizon Co. (NYSE:FHN)

Texas Permanent School Fund Corp boosted its holdings in shares of First Horizon Co. (NYSE:FHN) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 489,029 shares of the financial services provider’s stock after purchasing an additional 6,334 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.09% of First Horizon worth $7,531,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in First Horizon during the first quarter worth approximately $25,000. Fidelis Capital Partners LLC purchased a new position in First Horizon during the first quarter worth approximately $28,000. Fortitude Family Office LLC boosted its position in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in First Horizon during the fourth quarter worth approximately $28,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of First Horizon during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Jefferies Financial Group increased their target price on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Wedbush reissued an “outperform” rating and set a $17.00 target price on shares of First Horizon in a report on Wednesday, April 10th. Stephens assumed coverage on First Horizon in a report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 target price for the company. JPMorgan Chase & Co. increased their target price on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.15.

First Horizon Trading Up 5.5 %

FHN stock traded up $0.86 during midday trading on Thursday, hitting $16.56. 9,444,948 shares of the company’s stock were exchanged, compared to its average volume of 6,854,897. The business has a 50-day simple moving average of $15.43 and a two-hundred day simple moving average of $14.78. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $9.06 billion, a PE ratio of 11.58, a P/E/G ratio of 2.02 and a beta of 0.89. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $16.58.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to analyst estimates of $809.51 million. During the same period last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. On average, sell-side analysts predict that First Horizon Co. will post 1.51 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.62%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.