State of New Jersey Common Pension Fund D Has $2.97 Million Holdings in First Horizon Corporation $FHN

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in First Horizon Corporation by 10.5%, decreasing its holdings to 153,078 shares valued at approximately $2.97 million.
• Analysts from Barclays, Bank of America, Citigroup, and Raymond James have raised their price targets for First Horizon, with an average target price of $23.28 and an overall rating of "Moderate Buy."
• First Horizon announced a quarterly dividend of $0.15 per share, with an annualized yield of 2.8%, to be paid on October 1st to stockholders of record as of September 12th.

State of New Jersey Common Pension Fund D decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 153,078 shares of the financial services provider's stock after selling 18,026 shares during the period. State of New Jersey Common Pension Fund D's holdings in First Horizon were worth $2,973,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Byrne Asset Management LLC increased its holdings in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after buying an additional 830 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after buying an additional 1,975 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $130,000. Finally, UMB Bank n.a. increased its holdings in shares of First Horizon by 143.5% during the first quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock worth $130,000 after buying an additional 3,958 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on FHN shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Citigroup increased their price target on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Wells Fargo & Company increased their price target on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Bank of America increased their price target on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Barclays increased their price target on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.28.

Insider Activity at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were 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 owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the sale, the executive vice president directly owned 550,011 shares of the company's stock, valued at $12,210,244.20. The trade was a 6.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

First Horizon Trading Up 2.5%

NYSE FHN traded up $0.5510 during trading hours on Friday, hitting $22.5110. The company's stock had a trading volume of 14,988,597 shares, compared to its average volume of 9,575,206. The stock has a fifty day moving average of $21.54 and a 200 day moving average of $20.14. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. The firm has a market capitalization of $11.43 billion, a P/E ratio of 14.52, a PEG ratio of 1.07 and a beta of 0.65. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period in the prior year, the business posted $0.36 earnings per share. Equities research analysts forecast that First Horizon Corporation will post 1.67 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 Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio is currently 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.