Renaissance Technologies LLC Has $12.29 Million Stake in First Horizon Corporation $FHN

Renaissance Technologies LLC lifted its position in First Horizon Corporation (NYSE:FHN) by 158.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 540,211 shares of the financial services provider’s stock after acquiring an additional 330,800 shares during the period. Renaissance Technologies LLC’s holdings in First Horizon were worth $12,295,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FHN. Goldman Sachs Group Inc. lifted its stake in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after buying an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 3,835 shares in the last quarter. Federated Hermes Inc. increased its position in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after acquiring an additional 26,323 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $25.69 on Friday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.02 and a beta of 0.60. The company has a 50-day simple moving average of $25.11 and a 200 day simple moving average of $24.36. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. During the same period last year, the firm posted $0.45 EPS. On average, sell-side analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s dividend payout ratio is currently 32.54%.

Wall Street Analyst Weigh In

FHN has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. DA Davidson reissued a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Evercore set a $27.00 target price on First Horizon in a research note on Monday, July 6th. Finally, National Bank Financial set a $29.00 price target on First Horizon in a research report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average target price of $27.16.

About First Horizon

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.