Gateway Investment Advisers LLC Acquires 70,928 Shares of First Horizon Corporation $FHN

Key Points

• Gateway Investment Advisers increased its stake in First Horizon by 111.3%, buying 70,928 shares to hold 134,671 shares worth about $3.22 million after the fourth quarter 13F filing.
• Analysts are mixed but cautious: the consensus rating is Hold with a $26.45 average price target (9 Buys, 11 Holds, 1 Sell).
• First Horizon recently reported an EPS beat ($0.53 vs. $0.49) on $865M revenue (up 6.2% y/y but slightly below estimates) and announced a $0.17 quarterly dividend (2.8% yield).

Gateway Investment Advisers LLC grew its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 111.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 134,671 shares of the financial services provider's stock after buying an additional 70,928 shares during the period. Gateway Investment Advisers LLC's holdings in First Horizon were worth $3,219,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider's stock worth $1,406,000 after purchasing an additional 47,119 shares during the period. First Horizon Corp acquired a new position in shares of First Horizon during the third quarter worth approximately $2,361,000. Allianz Asset Management GmbH acquired a new position in shares of First Horizon during the third quarter worth approximately $6,416,000. Andrew Hill Investment Advisors Inc. acquired a new position in shares of First Horizon during the fourth quarter worth approximately $7,059,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of First Horizon during the third quarter worth approximately $1,211,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FHN. DA Davidson reaffirmed a "neutral" rating and set a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. lowered their target price on First Horizon from $28.00 to $26.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. TD Cowen increased their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, January 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $28.00 price target on shares of First Horizon in a research report on Monday, January 12th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, First Horizon currently has an average rating of "Hold" and a consensus price target of $26.45.

First Horizon Trading Down 2.2%

NYSE FHN opened at $24.51 on Friday. The firm has a market capitalization of $11.71 billion, a P/E ratio of 12.25, a PEG ratio of 0.98 and a beta of 0.62. The business has a fifty day simple moving average of $23.48 and a 200 day simple moving average of $23.39. First Horizon Corporation has a 12 month low of $18.88 and a 12 month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. During the same period in the prior year, the firm posted $0.42 EPS. First Horizon's quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon's dividend payout ratio (DPR) is currently 34.00%.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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