Engineers Gate Manager LP Acquires 629,514 Shares of First Horizon Corporation $FHN

Engineers Gate Manager LP boosted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 266.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 865,616 shares of the financial services provider’s stock after purchasing an additional 629,514 shares during the period. Engineers Gate Manager LP owned about 0.18% of First Horizon worth $20,688,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. William Blair Investment Management LLC boosted its stake in shares of First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after purchasing an additional 116,191 shares in the last quarter. Andrew Hill Investment Advisors Inc. bought a new position in First Horizon in the 4th quarter valued at approximately $7,059,000. Hudson Bay Capital Management LP bought a new position in First Horizon in the 3rd quarter valued at approximately $13,792,000. Victory Capital Management Inc. boosted its position in First Horizon by 18.0% in the third quarter. Victory Capital Management Inc. now owns 3,233,074 shares of the financial services provider’s stock valued at $73,100,000 after buying an additional 492,888 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in First Horizon in the third quarter valued at approximately $1,787,000. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on FHN shares. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Finally, UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and cut their target price for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

First Horizon stock opened at $24.67 on Thursday. The business has a 50 day moving average of $24.30 and a 200-day moving average of $23.98. First Horizon Corporation has a 1 year low of $19.18 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $11.71 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a $0.17 dividend. 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 is currently 34.00%.

First Horizon 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.