Wellington Management Group LLP Sells 980,331 Shares of First Horizon Corporation $FHN

Key Points

• Wellington Management Group LLP significantly reduced its stake in First Horizon Corporation by 53.3% during the first quarter, owning 858,245 shares worth $16.67 million after selling 980,331 shares.
• Despite Wellington's sell-off, other investors made substantial increases to their positions, with Byrne Asset Management LLC raising its holdings by 115.3% and Golden State Wealth Management LLC increasing theirs by an astonishing 53,160% during the same period.
• First Horizon announced a quarterly dividend of $0.15, reflecting an annual yield of 2.6%, with a payout ratio of 38.71%, as the company posted a quarterly EPS of $0.45, surpassing analysts' expectations.

Wellington Management Group LLP cut its position in First Horizon Corporation (NYSE:FHN - Free Report) by 53.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 858,245 shares of the financial services provider's stock after selling 980,331 shares during the quarter. Wellington Management Group LLP owned about 0.17% of First Horizon worth $16,667,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Millennium Management LLC grew its stake in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after purchasing an additional 6,827,040 shares during the period. Invesco Ltd. boosted its position in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after purchasing an additional 2,968,012 shares during the period. Northern Trust Corp boosted its position in First Horizon by 29.5% during the fourth quarter. Northern Trust Corp now owns 4,970,951 shares of the financial services provider's stock worth $100,115,000 after purchasing an additional 1,130,991 shares during the period. Finally, Freestone Grove Partners LP bought a new position in First Horizon during the fourth quarter worth $75,485,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FHN shares. Barclays lifted their price objective on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Jefferies Financial Group started 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 for the company. Finally, Wells Fargo & Company lifted their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Price Performance

NYSE FHN traded down $0.12 during trading on Monday, hitting $22.59. 9,262,381 shares of the company's stock were exchanged, compared to its average volume of 9,895,601. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.47 billion, a PE ratio of 14.57, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00. The stock's 50 day moving average price is $21.90 and its two-hundred day moving average price is $20.14.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the previous year, the firm earned $0.36 earnings per share. Research analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.7%. First Horizon's payout ratio is presently 38.71%.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,295 shares of company stock valued at $3,322,663. Insiders own 1.04% of the company's stock.

First Horizon Company 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.