Home Hedge Funds Greenlight Capital Sold First Horizon (FHN) on Share Appreciation

Greenlight Capital Sold First Horizon (FHN) on Share Appreciation

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Greenlight Capital, an investment management firm, released its first quarter 2024 investor letter.  A copy of the letter can be downloaded here. In the first quarter, the Greenlight Capital funds returned 4.9% net of fees and expenses, compared to 10.6% for the S&P 500 index. The year’s first quarter saw a bullish market, with investors focusing on AI, cryptocurrency, and meme stocks. Despite the market’s strong performance, the long and short portfolios didn’t fare as well. The long portfolio only saw a modest increase of 2.2%, net of fees and expenses, while the single-name short portfolio broke even.  In addition, please check the fund’s top five holdings to know its best picks in 2024.

Greenlight Capital featured stocks like First Horizon Corporation (NYSE:FHN) in the first quarter 2024 investor letter. Headquartered in Memphis, Tennessee, First Horizon Corporation (NYSE:FHN) is the bank holding company for First Horizon Bank. On May 7, 2024, First Horizon Corporation (NYSE:FHN) stock closed at $15.67 per share. One-month return of First Horizon Corporation (NYSE:FHN) was 7.85%, and its shares gained 54.84% of their value over the last 52 weeks. First Horizon Corporation (NYSE:FHN) has a market capitalization of $8.569 billion.

Greenlight Capital stated the following regarding First Horizon Corporation (NYSE:FHN) in its first quarter 2024 investor letter:

“In addition to the unsuccessful short referenced above, we closed several other positions. We also sold our small position in First Horizon Corporation (NYSE:FHN) with a gain after the share price advanced by almost 40% over eight months, as we no longer believed the stock to be substantially undervalued.”

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First Horizon Corporation (NYSE:FHN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held First Horizon Corporation (NYSE:FHN) at the end of the fourth quarter which was 48 in the previous quarter.

We previously discussed First Horizon Corporation (NYSE:FHN) in another article, where we shared the list of best dividend leaders to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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