GAMMA Investing LLC Has $4.88 Million Stake in First Horizon Co. (NYSE:FHN)

GAMMA Investing LLC boosted its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 2,658.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,470 shares of the financial services provider's stock after purchasing an additional 242,353 shares during the period. GAMMA Investing LLC's holdings in First Horizon were worth $4,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Stratos Wealth Partners LTD. bought a new stake in shares of First Horizon during the 4th quarter worth approximately $217,000. Apollon Wealth Management LLC increased its holdings in First Horizon by 2.9% during the fourth quarter. Apollon Wealth Management LLC now owns 54,778 shares of the financial services provider's stock worth $1,103,000 after buying an additional 1,521 shares during the last quarter. L. Roy Papp & Associates LLP bought a new stake in First Horizon during the fourth quarter worth $905,000. Kentucky Trust Co acquired a new stake in First Horizon in the fourth quarter valued at $32,000. Finally, Lester Murray Antman dba SimplyRich lifted its stake in First Horizon by 8.0% in the fourth quarter. Lester Murray Antman dba SimplyRich now owns 14,254 shares of the financial services provider's stock valued at $287,000 after acquiring an additional 1,051 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of FHN stock traded down $0.16 during trading on Thursday, hitting $19.80. The company had a trading volume of 3,947,444 shares, compared to its average volume of 6,071,248. The stock's 50-day moving average price is $18.85 and its 200 day moving average price is $19.87. First Horizon Co. has a one year low of $14.09 and a one year high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $10.04 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's payout ratio is presently 41.67%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays cut their target price on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Bank of America lifted their target price on First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Truist Financial initiated coverage on First Horizon in a report on Tuesday, May 13th. They set a "hold" rating and a $21.00 target price on the stock. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Monday, April 7th. Finally, Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.53.

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.