Gateway Investment Advisers LLC Has $979,000 Position in First Horizon Co. (NYSE:FHN)

Gateway Investment Advisers LLC lessened its position in First Horizon Co. (NYSE:FHN) by 14.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,040 shares of the financial services provider’s stock after selling 10,279 shares during the period. Gateway Investment Advisers LLC’s holdings in First Horizon were worth $979,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FHN. Sei Investments Co. increased its stake in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after buying an additional 155,982 shares during the period. LSV Asset Management grew its stake in First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares during the period. Los Angeles Capital Management LLC grew its stake in First Horizon by 55.5% during the first quarter. Los Angeles Capital Management LLC now owns 756,297 shares of the financial services provider’s stock worth $11,647,000 after purchasing an additional 269,920 shares during the period. Seven Eight Capital LP acquired a new stake in First Horizon during the first quarter worth approximately $2,366,000. Finally, Quadrature Capital Ltd acquired a new stake in First Horizon during the fourth quarter worth approximately $2,371,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Evercore ISI dropped their target price on First Horizon from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $17.38.

First Horizon Stock Performance

Shares of FHN opened at $16.38 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.27 and a beta of 0.88. The stock has a 50 day moving average of $15.65 and a 200 day moving average of $15.52. First Horizon Co. has a 12 month low of $10.16 and a 12 month high of $17.46.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations 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 previous year, the business posted $0.39 earnings per share. As a group, sell-side analysts forecast that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.66%. First Horizon’s payout ratio is presently 41.96%.

First Horizon 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.