Louisiana State Employees Retirement System Purchases New Holdings in First Horizon Corporation $FHN

Louisiana State Employees Retirement System purchased a new position in shares of First Horizon Corporation (NYSE:FHN) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 140,600 shares of the financial services provider’s stock, valued at approximately $3,200,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Kestra Investment Management LLC raised its stake in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in First Horizon in the fourth quarter valued at about $51,000. Finally, Triumph Capital Management bought a new position in shares of First Horizon during the 3rd quarter valued at approximately $77,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 0.1%

NYSE:FHN opened at $25.54 on Friday. The company has a market cap of $12.12 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.00 and a beta of 0.60. The stock’s fifty day moving average price is $24.44 and its two-hundred day moving average price is $24.09. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share. As a group, analysts expect that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. First Horizon’s dividend payout ratio is currently 34.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday. Wells Fargo & Company raised their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods upped their price target on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Finally, DA Davidson reissued a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $26.45.

About First Horizon

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.