New York State Teachers Retirement System Trims Stock Position in First Horizon Corporation (NYSE:FHN)

New York State Teachers Retirement System reduced its position in First Horizon Corporation (NYSE:FHN) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 548,943 shares of the financial services provider’s stock after selling 30,353 shares during the quarter. New York State Teachers Retirement System owned about 0.11% of First Horizon worth $10,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Millennium Management LLC boosted its position in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock worth $428,686,000 after buying an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock worth $165,199,000 after purchasing an additional 6,827,040 shares during the period. Norges Bank bought a new position in First Horizon in the fourth quarter worth about $132,418,000. Raymond James Financial Inc. bought a new stake in shares of First Horizon in the 4th quarter worth approximately $102,467,000. Finally, Freestone Grove Partners LP acquired a new position in shares of First Horizon during the fourth quarter valued at $75,485,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Up 0.5%

Shares of NYSE:FHN opened at $21.86 on Friday. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $22.44. The firm has a market cap of $11.09 billion, a P/E ratio of 15.18, a P/E/G ratio of 1.11 and a beta of 0.61. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $19.82 and its two-hundred day moving average price is $19.84.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million for the quarter, compared to analyst estimates of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same quarter in the prior year, the firm posted $0.35 earnings per share. As a group, research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. First Horizon’s dividend payout ratio is currently 41.67%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Bank of America raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Truist Financial initiated coverage on shares of First Horizon in a research note on Tuesday, May 13th. They set a “hold” rating and a $21.00 price objective for the company. Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price target on the stock in a report on Monday, April 7th. Barclays lowered their price objective on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Sunday, June 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.47.

First Horizon Profile

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.