Two Sigma Investments LP Reduces Holdings in First Horizon Co. (NYSE:FHN)

Two Sigma Investments LP cut its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 67.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 495,235 shares of the financial services provider's stock after selling 1,022,404 shares during the quarter. Two Sigma Investments LP owned 0.09% of First Horizon worth $9,974,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FHN. Belpointe Asset Management LLC raised its holdings in First Horizon by 3.1% in the fourth quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock valued at $355,000 after acquiring an additional 535 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of First Horizon by 3.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock worth $317,000 after purchasing an additional 571 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in First Horizon by 29.9% in the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after buying an additional 591 shares during the last quarter. Independent Advisor Alliance increased its holdings in First Horizon by 1.1% in the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock valued at $1,163,000 after buying an additional 632 shares during the last quarter. Finally, Access Investment Management LLC raised its stake in First Horizon by 0.8% in the fourth quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider's stock valued at $1,782,000 after buying an additional 675 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN traded down $0.20 on Friday, reaching $19.92. 915,559 shares of the company were exchanged, compared to its average volume of 6,146,835. The company has a 50-day moving average of $18.57 and a 200-day moving average of $19.89. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $10.10 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. First Horizon Co. has a 1-year low of $14.09 and a 1-year high of $22.44.

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

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 3.01%. First Horizon's dividend payout ratio is presently 41.67%.

Analyst Ratings Changes

Several analysts have recently weighed in on FHN shares. Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Bank of America lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Wall Street Zen upgraded shares of First Horizon from a "sell" rating to a "hold" rating in a research note on Monday, May 12th. Jefferies Financial Group initiated coverage on shares of First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Raymond James reduced their target price on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and an average price target of $22.41.

About First Horizon

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.