California Public Employees Retirement System Sells 106,877 Shares of First Horizon Co. (NYSE:FHN)

California Public Employees Retirement System cut its stake in First Horizon Co. (NYSE:FHN) by 11.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 818,269 shares of the financial services provider’s stock after selling 106,877 shares during the period. California Public Employees Retirement System’s holdings in First Horizon were worth $16,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of FHN. Steward Partners Investment Advisory LLC raised its position in shares of First Horizon by 3.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider’s stock valued at $317,000 after buying an additional 571 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in First Horizon by 29.9% in the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 591 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of First Horizon by 1.1% in the 4th quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock worth $1,163,000 after acquiring an additional 632 shares during the period. Access Investment Management LLC grew its holdings in shares of First Horizon by 0.8% during the 4th quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock worth $1,782,000 after purchasing an additional 675 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position in shares of First Horizon by 20.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,736 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 820 shares during the period. 80.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group initiated coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Citigroup upped their target price on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Raymond James cut their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods upped their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Finally, Barclays raised their target price on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.23.

First Horizon Price Performance

Shares of FHN stock opened at $16.16 on Friday. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $20.36 and its 200-day moving average is $19.40. The firm has a market capitalization of $8.31 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the previous year, the firm posted $0.32 earnings per share. Sell-side analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon’s dividend payout ratio is 44.12%.

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.