Maryland State Retirement & Pension System Sells 3,542 Shares of First Horizon Corporation (NYSE:FHN)

Maryland State Retirement & Pension System lessened its holdings in shares of First Horizon Corporation (NYSE:FHN) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,902 shares of the financial services provider’s stock after selling 3,542 shares during the quarter. Maryland State Retirement & Pension System’s holdings in First Horizon were worth $484,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its position in First Horizon by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock worth $1,496,000 after buying an additional 1,481 shares during the last quarter. Cerity Partners LLC lifted its position in First Horizon by 22.0% in the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock worth $2,458,000 after buying an additional 22,852 shares during the last quarter. Brown Advisory Inc. lifted its position in First Horizon by 13.3% in the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock worth $1,341,000 after buying an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC lifted its position in First Horizon by 713.3% in the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock worth $2,933,000 after buying an additional 132,481 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in First Horizon by 286.9% in the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock worth $1,230,000 after buying an additional 46,975 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Bank of America boosted their target price on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Royal Bank Of Canada restated an “outperform” rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Citigroup boosted their target price on First Horizon from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.28.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the sale, the executive vice president directly owned 550,011 shares of the company’s stock, valued at $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Tammy Locascio sold 10,285 shares of the company’s stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

First Horizon Price Performance

FHN opened at $21.85 on Friday. 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 Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The stock has a market capitalization of $11.09 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.06 and a beta of 0.65. The stock’s 50 day moving average price is $21.33 and its 200-day moving average price is $20.14.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The firm had revenue of $830.19 million for the quarter, compared to analysts’ expectations of $832.95 million. During the same period in the previous year, the firm earned $0.36 earnings per share. On average, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon’s payout ratio is 38.71%.

First Horizon Company 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.