Wellington Management Group LLP Sells 1,244,256 Shares of First Horizon Co. (NYSE:FHN)

Wellington Management Group LLP trimmed its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 25.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,683,741 shares of the financial services provider's stock after selling 1,244,256 shares during the period. Wellington Management Group LLP owned about 0.69% of First Horizon worth $57,208,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. raised its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Family Firm Inc. bought a new position in First Horizon in the second quarter worth about $28,000. Nemes Rush Group LLC raised its stake in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after buying an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the second quarter worth about $31,000. Finally, Covestor Ltd raised its stake in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after buying an additional 651 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

FHN stock traded up $0.05 on Thursday, hitting $20.65. The company had a trading volume of 3,042,585 shares, compared to its average volume of 6,555,813. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock's 50-day simple moving average is $18.68 and its 200 day simple moving average is $16.71. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $821.63 million. During the same quarter last year, the company posted $0.27 earnings per share. As a group, equities research analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its board has authorized a stock buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.91%. The ex-dividend date is Friday, December 13th. First Horizon's dividend payout ratio is currently 43.48%.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FHN. Wells Fargo & Company increased their price target on shares of First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Wedbush cut shares of First Horizon from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Stephens upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. Finally, Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.69.

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.