State Board of Administration of Florida Retirement System Acquires 44,730 Shares of First Horizon Co. (NYSE:FHN)

Posted by Defense World Staff on Sep 18th, 2023

State Board of Administration of Florida Retirement System increased its holdings in shares of First Horizon Co. (NYSE:FHN – Free Report) by 11.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 422,297 shares of the financial services provider’s stock after acquiring an additional 44,730 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of First Horizon worth $7,508,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BOKF NA bought a new stake in shares of First Horizon in the 1st quarter worth approximately $30,000. Grey Fox Wealth Advisors LLC bought a new stake in First Horizon in the first quarter worth $34,000. FWL Investment Management LLC purchased a new stake in shares of First Horizon in the fourth quarter worth $39,000. Cubist Systematic Strategies LLC bought a new position in shares of First Horizon during the third quarter valued at $39,000. Finally, Compass Wealth Management LLC purchased a new position in shares of First Horizon in the 4th quarter worth about $49,000. Hedge funds and other institutional investors own 76.44% of the company’s stock.

First Horizon Stock Down 1.5 %

FHN stock opened at $11.45 on Monday. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 6.06, a P/E/G ratio of 3.23 and a beta of 0.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.94. The business’s 50-day moving average is $12.70 and its two-hundred day moving average is $13.79. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $24.92.

First Horizon (NYSE:FHN – Get Free Report) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $820.19 million. First Horizon had a net margin of 24.64% and a return on equity of 13.44%. During the same quarter in the prior year, the business earned $0.34 EPS. As a group, analysts forecast that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.24%. The ex-dividend date is Thursday, September 14th. First Horizon’s dividend payout ratio is presently 31.75%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FHN. The Goldman Sachs Group began coverage on shares of First Horizon in a research note on Wednesday, June 28th. They set a “neutral” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $13.00 to $13.50 in a report on Thursday, June 29th. TheStreet lowered First Horizon from a “b-” rating to a “c+” rating in a report on Thursday, June 1st. StockNews.com assumed coverage on First Horizon in a report on Thursday, August 17th. They set a “sell” rating on the stock. Finally, Jefferies Financial Group upgraded First Horizon from a “hold” rating to a “buy” rating in a report on Wednesday, May 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.42.

Get Our Latest Stock Report on First Horizon

First Horizon Profile

(Free Report)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.