California State Teachers Retirement System Acquires 116,585 Shares of First Horizon Corporation $FHN

Key Points

• California State Teachers Retirement System increased its First Horizon stake by 24.2%, buying 116,585 additional shares to reach 598,615 shares valued at approximately $13.6 million. Institutional investors collectively own 80.28% of the company.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding the $0.52 analyst consensus, while revenue of $890 million also topped expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 2.6% dividend yield; analysts maintain a consensus “Hold” rating with a $27.16 price target.

California State Teachers Retirement System increased its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 24.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 598,615 shares of the financial services provider's stock after buying an additional 116,585 shares during the quarter. California State Teachers Retirement System owned 0.13% of First Horizon worth $13,624,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock worth $3,162,000 after acquiring an additional 425 shares during the period. Thoroughbred Financial Services LLC boosted its stake in shares of First Horizon by 3.4% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock worth $335,000 after acquiring an additional 457 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in shares of First Horizon by 0.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after acquiring an additional 489 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after acquiring an additional 507 shares during the period. Finally, Aaron Wealth Advisors LLC increased its stake in shares of First Horizon by 5.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider's stock worth $237,000 after purchasing an additional 511 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

NYSE:FHN opened at $25.69 on Monday. The stock has a 50-day moving average price of $25.11 and a 200 day moving average price of $24.36. The stock has a market capitalization of $12.19 billion, a P/E ratio of 12.29, a P/E/G ratio of 1.02 and a beta of 0.61. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 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 company had revenue of $890.00 million for the quarter, compared to analysts' expectations of $878.42 million. During the same period in the previous year, the firm earned $0.45 EPS. Equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

Analyst Ratings Changes

A number of brokerages have commented on FHN. Keefe, Bruyette & Woods upped their price target on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. National Bank Financial set a $29.00 price objective on First Horizon in a research note on Thursday, July 16th. Autonomous Res lowered shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Finally, Evercore set a $27.00 target price on shares of First Horizon in a research note on Monday, July 6th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $27.16.

About First Horizon

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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