Public Employees Retirement System of Ohio Has $3.47 Million Stake in First Horizon Co. (NYSE:FHN)

Public Employees Retirement System of Ohio grew its stake in First Horizon Co. (NYSE:FHN) by 2.5% during the third quarter, HoldingsChannel reports. The firm owned 223,685 shares of the financial services provider’s stock after buying an additional 5,394 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in First Horizon were worth $3,474,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Horizon by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 112,768 shares of the financial services provider’s stock worth $1,778,000 after buying an additional 6,656 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of First Horizon by 57.5% during the 2nd quarter. Blue Trust Inc. now owns 12,418 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 4,534 shares in the last quarter. Pallas Capital Advisors LLC bought a new stake in First Horizon during the 2nd quarter worth $281,000. Fifth Third Wealth Advisors LLC acquired a new position in First Horizon in the 2nd quarter worth about $338,000. Finally, Lecap Asset Management Ltd. increased its holdings in First Horizon by 48.4% in the 2nd quarter. Lecap Asset Management Ltd. now owns 85,187 shares of the financial services provider’s stock worth $1,343,000 after purchasing an additional 27,765 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

First Horizon Stock Down 1.3 %

Shares of NYSE:FHN opened at $20.19 on Monday. First Horizon Co. has a 1 year low of $12.95 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The business’s 50-day moving average is $18.88 and its 200-day moving average is $16.78. The company has a market capitalization of $10.70 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for 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 period in the previous year, the firm earned $0.27 earnings per share. Equities research analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Evercore ISI boosted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada raised their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.69.

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.