Teachers Retirement System of The State of Kentucky Sells 4,780 Shares of First Horizon Co. (NYSE:FHN)

Teachers Retirement System of The State of Kentucky decreased its position in First Horizon Co. (NYSE:FHN) by 2.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 169,149 shares of the financial services provider’s stock after selling 4,780 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in First Horizon were worth $2,627,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FHN. Millennium Management LLC lifted its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after buying an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the second quarter worth about $66,779,000. State Street Corp grew its holdings in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 1.3 %

Shares of First Horizon stock opened at $20.19 on Monday. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The firm’s 50 day simple moving average is $18.88 and its two-hundred day simple moving average is $16.78. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $10.70 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the business posted $0.27 EPS. Analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.97%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its Board of Directors has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of recent research reports. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Stephens increased 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. Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $19.69.

Insider Buying and Selling

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

First Horizon Company 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.