202,214 Shares in First Horizon Corporation $FHN Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 202,214 First Horizon shares worth approximately $5.19 million in the second quarter. Hedge funds and other institutional investors collectively own 80.28% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $27.45; nine analysts rate the stock a Buy, 11 a Hold, and one a Sell.
• First Horizon exceeded quarterly earnings expectations, reporting $0.54 EPS versus the $0.52 consensus and $887 million in revenue. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 202,214 shares of the financial services provider's stock, valued at approximately $5,185,000.

A number of other hedge funds have also made changes to their positions in the stock. Kestra Investment Management LLC grew its position in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares in the last quarter. Ancora Advisors LLC purchased a new stake in First Horizon in the 2nd quarter worth approximately $42,000. Basecamp Wealth Advisors LLC boosted its stake in shares of First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after buying an additional 746 shares during the period. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in shares of First Horizon by 1,348.2% during the 4th 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 in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Fundamental Research set a $28.50 price objective on First Horizon in a report on Wednesday, July 1st. Wells Fargo & Company began coverage on First Horizon in a research report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price on the stock. Truist Financial lifted their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a report on Friday, July 10th. Raymond James Financial boosted their price target on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, Evercore set a $27.00 price objective on shares of First Horizon in a research report on Monday, July 6th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $27.45.

Insider Transactions at First Horizon

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

First Horizon Stock Down 1.0%

Shares of FHN stock opened at $24.68 on Wednesday. The stock's 50 day simple moving average is $25.36 and its 200 day simple moving average is $24.44. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. 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 company has a market capitalization of $11.69 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.99 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to analysts' expectations of $878.42 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, research analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

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

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.

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