Wellington Management Group LLP Decreases Stock Position in First Horizon Co. (NYSE:FHN)

Wellington Management Group LLP reduced its position in First Horizon Co. (NYSE:FHN - Free Report) by 50.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,838,576 shares of the financial services provider's stock after selling 1,845,165 shares during the quarter. Wellington Management Group LLP owned approximately 0.36% of First Horizon worth $37,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Jones Financial Companies Lllp bought a new position in shares of First Horizon in the fourth quarter worth $30,000. Kentucky Trust Co bought a new stake in First Horizon during the fourth quarter valued at $32,000. Lee Danner & Bass Inc. bought a new stake in First Horizon during the fourth quarter valued at $50,000. Farther Finance Advisors LLC boosted its stake in First Horizon by 29.9% during 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 period. Finally, R Squared Ltd bought a new stake in First Horizon during the fourth quarter valued at $66,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FHN. Wells Fargo & Company dropped their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Barclays dropped their price objective on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James dropped their price objective on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Truist Financial began coverage on First Horizon in a research report on Tuesday, May 13th. They set a "hold" rating and a $21.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.41.

First Horizon Price Performance

NYSE FHN traded down $0.06 during trading hours on Monday, reaching $19.83. 3,978,160 shares of the stock traded hands, compared to its average volume of 6,173,201. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The stock has a 50 day simple moving average of $18.57 and a two-hundred day simple moving average of $19.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. 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 released its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the business earned $0.35 earnings per share. On average, analysts predict that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.03%. First Horizon's dividend payout ratio is currently 41.67%.

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.