Public Employees Retirement System of Ohio Invests $3.76 Million in First Horizon Corporation $FHN

Key Points

• Public Employees Retirement System of Ohio purchased 146,692 First Horizon shares worth approximately $3.76 million during the second quarter. Institutional investors collectively own 80.28% of the company.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding estimates by $0.02, while revenue reached $887 million. The stock opened at $24.96, within its 12-month range of $19.80 to $26.56.
• The company declared a quarterly dividend of $0.17 per share, representing an annualized yield of 2.7%. Analysts maintain a consensus “Hold” rating with an average price target of $27.26.

Public Employees Retirement System of Ohio bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 146,692 shares of the financial services provider's stock, valued at approximately $3,761,000.

A number of other hedge funds also recently bought and sold shares of FHN. Transamerica Financial Advisors LLC purchased a new stake in First Horizon in the 2nd quarter worth approximately $70,000. Corient Private Wealth LP purchased a new position in shares of First Horizon during the second quarter valued at approximately $5,273,000. Ausdal Financial Partners Inc. bought a new position in shares of First Horizon during the second quarter valued at approximately $681,000. Bank of America Corp DE bought a new position in shares of First Horizon during the second quarter valued at approximately $96,739,000. Finally, Freestone Grove Partners LP purchased a new stake in First Horizon in the second quarter worth $35,527,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock opened at $24.96 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.83 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.97 and a beta of 0.60. The business has a fifty day simple moving average of $25.41 and a two-hundred day simple moving average of $24.44. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56.

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

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon's payout ratio is presently 32.54%.

Analyst Ratings Changes

A number of research analysts have issued reports on FHN shares. Truist Financial boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. UBS Group reiterated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, First Horizon currently has a consensus rating of "Hold" and a consensus price target of $27.26.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the company's 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 sale, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.91% of the company's stock.

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.

Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Corporation (NYSE:FHN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.