State of New Jersey Common Pension Fund D Sells 125,712 Shares of First Horizon Co. (NYSE:FHN)

State of New Jersey Common Pension Fund D lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 44.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 159,612 shares of the financial services provider’s stock after selling 125,712 shares during the period. State of New Jersey Common Pension Fund D’s holdings in First Horizon were worth $2,517,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FHN. Crestline Management LP increased its stake in shares of First Horizon by 100.8% in the 4th quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock valued at $5,664,000 after purchasing an additional 200,846 shares during the last quarter. Sei Investments Co. increased its stake in shares of First Horizon by 57.6% in the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after purchasing an additional 155,982 shares during the last quarter. LSV Asset Management increased its stake in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after purchasing an additional 4,434,929 shares during the last quarter. Greenlight Capital Inc. increased its stake in shares of First Horizon by 6.2% in the 4th quarter. Greenlight Capital Inc. now owns 1,377,090 shares of the financial services provider’s stock valued at $19,500,000 after purchasing an additional 80,070 shares during the last quarter. Finally, Point72 Europe London LLP bought a new position in shares of First Horizon in the 4th quarter valued at $6,785,000. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FHN. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Evercore ISI decreased their price target on First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research note on Tuesday. Stephens started coverage on First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price objective on the stock. Robert W. Baird restated a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a research report on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.38.

First Horizon Stock Down 0.1 %

Shares of FHN opened at $15.76 on Thursday. The company has a market capitalization of $8.62 billion, a PE ratio of 11.02, a PEG ratio of 3.09 and a beta of 0.88. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46. The stock’s 50-day moving average price is $15.99 and its two-hundred day moving average price is $15.43. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, analysts anticipate that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is 41.96%.

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.