First Horizon Co. (NYSE:FHN) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 818,269 shares of the financial services provider’s stock after selling 106,877 shares during the period. California Public Employees Retirement System owned approximately 0.15% of First Horizon worth $16,480,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 884 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of First Horizon in the 4th quarter valued at $30,000. Kentucky Trust Co acquired a new position in shares of First Horizon in the 4th quarter valued at $32,000. Lee Danner & Bass Inc. purchased a new position in First Horizon in the 4th quarter worth about $50,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,000 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Down 6.1 %

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

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

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FHN shares. Royal Bank of Canada lifted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Stephens reiterated an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Bank of America increased their target price on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. UBS Group assumed coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Raymond James reduced their price objective on First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

Insider Transactions at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on 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 in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is owned by corporate insiders.

About First Horizon

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.