Point72 Europe London LLP Increases Stock Holdings in First Horizon Co. (NYSE:FHN)

Point72 Europe London LLP boosted its holdings in shares of First Horizon Co. (NYSE:FHN) by 15.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 986,119 shares of the financial services provider’s stock after buying an additional 128,619 shares during the quarter. First Horizon makes up approximately 1.3% of Point72 Europe London LLP’s holdings, making the stock its 23rd largest holding. Point72 Europe London LLP’s holdings in First Horizon were worth $15,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Access Investment Management LLC increased its holdings in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares in the last quarter. First Trust Direct Indexing L.P. grew its position in First Horizon by 6.5% during the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after buying an additional 765 shares during the period. Simplicity Wealth LLC increased its holdings in First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after buying an additional 786 shares in the last quarter. Perigon Wealth Management LLC raised its position in shares of First Horizon by 7.5% in the first quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 804 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of First Horizon by 7.5% during the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,094 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Down 2.4 %

Shares of First Horizon stock opened at $15.29 on Wednesday. The company has a fifty day simple moving average of $15.90 and a 200-day simple moving average of $15.46. First Horizon Co. has a 12-month low of $10.08 and a 12-month high of $17.46. 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 stock has a market cap of $8.19 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 3.17 and a beta of 0.88.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. During the same period in the previous year, the business posted $0.39 EPS. On average, equities analysts forecast that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is currently 41.96%.

Analysts Set New Price Targets

FHN has been the subject of a number of analyst reports. Barclays upped their price target on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Royal Bank of Canada upped their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday. Finally, Evercore ISI lowered their target price on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research note on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.38.

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.