VIRGINIA RETIREMENT SYSTEMS ET Al Sells 50,900 Shares of First Horizon Corporation $FHN

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of First Horizon Corporation (NYSE:FHN) by 25.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,314 shares of the financial services provider’s stock after selling 50,900 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in First Horizon were worth $3,483,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Ancora Advisors LLC bought a new stake in First Horizon in the second quarter valued at $42,000. Basecamp Wealth Advisors LLC boosted its holdings in shares of First Horizon by 56.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares during the period. Parkside Financial Bank & Trust grew its position in shares of First Horizon by 58.1% during the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 864 shares during the last quarter. Transamerica Financial Advisors LLC bought a new position in shares of First Horizon during the second quarter worth about $70,000. Finally, Cedar Mountain Advisors LLC bought a new position in shares of First Horizon during the first quarter worth about $77,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.91% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Evercore reaffirmed a “hold” rating and issued a $25.00 price objective on shares of First Horizon in a report on Thursday, October 1st. Morgan Stanley set a $31.00 target price on shares of First Horizon in a research note on Friday, October 16th. Truist Financial upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, October 19th. JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, October 16th. Finally, Citigroup dropped their price target on shares of First Horizon from $28.50 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, September 22nd. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.07.

First Horizon Trading Up 1.6%

Shares of FHN stock opened at $23.65 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.97. First Horizon Corporation has a 1 year low of $20.40 and a 1 year high of $26.56. The stock has a fifty day moving average of $23.69 and a two-hundred day moving average of $24.28. The firm has a market capitalization of $11.20 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 0.96 and a beta of 0.61.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.18 million. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. During the same quarter in the prior year, the business posted $0.51 earnings per share. As a group, research analysts expect that First Horizon Corporation will post 2.14 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, December 11th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.68 annualized dividend and a yield of 2.9%. First Horizon’s dividend payout ratio is presently 48.92%.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.