Wellington Management Group LLP Sells 1,845,165 Shares of First Horizon Co. (NYSE:FHN)

Wellington Management Group LLP reduced its stake in First Horizon Co. (NYSE:FHN - Free Report) by 50.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,838,576 shares of the financial services provider's stock after selling 1,845,165 shares during the period. Wellington Management Group LLP owned 0.35% of First Horizon worth $37,029,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Townsquare Capital LLC purchased a new position in shares of First Horizon in the 3rd quarter valued at approximately $231,000. Quantinno Capital Management LP raised its holdings in First Horizon by 8.4% in the third quarter. Quantinno Capital Management LP now owns 27,760 shares of the financial services provider's stock worth $431,000 after purchasing an additional 2,145 shares in the last quarter. Quadrature Capital Ltd lifted its position in First Horizon by 24.3% during the third quarter. Quadrature Capital Ltd now owns 45,193 shares of the financial services provider's stock valued at $701,000 after buying an additional 8,834 shares during the period. Stifel Financial Corp boosted its holdings in shares of First Horizon by 14.8% during the 3rd quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider's stock valued at $1,327,000 after buying an additional 10,988 shares in the last quarter. Finally, State Street Corp grew its position in shares of First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock worth $410,789,000 after buying an additional 4,116,486 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

FHN has been the topic of several research reports. UBS Group assumed coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective on the stock. Citigroup boosted their price target on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a research report on Monday. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a report on Thursday, December 19th. Finally, StockNews.com raised First Horizon from a "sell" rating to a "hold" rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $22.30.

First Horizon Stock Performance

Shares of FHN stock traded down $0.02 during trading hours on Friday, reaching $16.92. The company had a trading volume of 6,616,534 shares, compared to its average volume of 6,304,523. The firm has a market cap of $8.70 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The business has a fifty day moving average price of $19.72 and a 200-day moving average price of $19.46. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the firm posted $0.32 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio is 44.12%.

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.