VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 202,214 First Horizon Corporation $FHN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 202,214 shares of the financial services provider’s stock, valued at approximately $5,185,000.

A number of other large investors also recently modified their holdings of the business. Goldman Sachs Group Inc. increased its position in First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. raised its stake in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 3,835 shares during the period. Federated Hermes Inc. grew its position in First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its position in First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Down 1.0%

Shares of FHN stock opened at $24.68 on Wednesday. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The stock has a market cap of $11.69 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 0.99 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a fifty day moving average of $25.36 and a 200-day moving average of $24.44.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the business earned $0.45 EPS. On average, equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s payout ratio is presently 32.54%.

Analysts Set New Price Targets

A number of research analysts have recently commented on FHN shares. Raymond James Financial upped their price objective on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. National Bank Financial set a $30.00 price target on First Horizon in a research note on Tuesday. Morgan Stanley assumed coverage on First Horizon in a report on Tuesday. They issued an “equal weight” rating and a $30.00 price target for the company. Finally, Wells Fargo & Company started coverage on First Horizon in a research report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.45.

Insiders Place Their Bets

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.91% of the company’s stock.

First Horizon 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.