VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in First Horizon Corporation $FHN

Key Points

• Virginia Retirement Systems acquired a new stake in First Horizon Corporation during Q2, purchasing 180,714 shares valued at approximately $3.83 million.
• Insider Selling: EVP David T. Popwell sold 100,000 shares at $22.50 each, reducing his ownership by 17.78% and increasing total sales to $2.25 million.
• First Horizon's Q3 Earnings: The company reported earnings of $0.51 per share, exceeding estimates of $0.45, and revenue increased 7.4% year-over-year.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 180,714 shares of the financial services provider's stock, valued at approximately $3,831,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHN. GAMMA Investing LLC grew its stake in First Horizon by 42.0% in the 1st quarter. GAMMA Investing LLC now owns 12,949 shares of the financial services provider's stock valued at $251,000 after buying an additional 3,832 shares during the last quarter. State of Alaska Department of Revenue grew its stake in First Horizon by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 61,408 shares of the financial services provider's stock valued at $1,192,000 after buying an additional 965 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake 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 valued at $1,496,000 after buying an additional 1,481 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in First Horizon by 180.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 43,214 shares of the financial services provider's stock worth $839,000 after purchasing an additional 27,814 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its position in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after purchasing an additional 2,658 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company's stock.

Analyst Ratings Changes

FHN has been the topic of several research analyst reports. DA Davidson restated a "neutral" rating and issued a $24.00 price target on shares of First Horizon in a research report on Thursday, October 16th. Weiss Ratings restated a "hold (c+)" rating on shares of First Horizon in a research report on Wednesday, October 8th. Barclays raised their price target on shares of First Horizon from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Evercore ISI restated an "in-line" rating and issued a $20.00 price target (down from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. Finally, Citigroup raised their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.47.

First Horizon Trading Up 1.3%

Shares of FHN stock opened at $20.54 on Tuesday. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $23.70. The company has a market capitalization of $10.43 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.83 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $22.38 and a 200 day moving average price of $20.81.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company had revenue of $849.00 million during the quarter, compared to the consensus estimate of $848.08 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The company's revenue was up 7.4% on a year-over-year basis. Research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon's payout ratio is currently 36.36%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.