Retirement Systems of Alabama Sells 261,399 Shares of First Horizon Corporation $FHN

Retirement Systems of Alabama cut its holdings in First Horizon Corporation (NYSE:FHN) by 15.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,446,516 shares of the financial services provider’s stock after selling 261,399 shares during the period. Retirement Systems of Alabama owned 0.28% of First Horizon worth $32,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. LSV Asset Management increased its stake in shares of First Horizon by 5.0% in the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after purchasing an additional 646,060 shares in the last quarter. Invesco Ltd. grew its holdings in First Horizon by 3.8% during the second quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider’s stock valued at $148,632,000 after purchasing an additional 255,429 shares during the period. JPMorgan Chase & Co. increased its position in First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after buying an additional 2,091,865 shares in the last quarter. Norges Bank purchased a new stake in First Horizon in the second quarter worth about $131,399,000. Finally, William Blair Investment Management LLC bought a new position in shares of First Horizon in the second quarter worth about $79,776,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity

In related news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.04% of the company’s stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $23.91 on Monday. The firm has a market cap of $11.77 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 0.90 and a beta of 0.61. The firm has a fifty day moving average price of $23.49 and a 200 day moving average price of $22.54. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $25.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The company had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. During the same period in the previous year, the firm posted $0.43 EPS. As a group, sell-side analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon declared that its board has approved a stock buyback plan on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on FHN. Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. Robert W. Baird lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Raymond James Financial increased their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Truist Financial set a $27.00 target price on shares of First Horizon in a research note on Friday, January 9th. Finally, Barclays upped their target price on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.58.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.