Worldquant Millennium Advisors LLC Trims Holdings in First Horizon Co. (NYSE:FHN)

Worldquant Millennium Advisors LLC trimmed its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 22.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 115,822 shares of the financial services provider's stock after selling 32,589 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in First Horizon were worth $1,799,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider's stock valued at $510,782,000 after buying an additional 3,870,946 shares during the last quarter. State Street Corp raised its holdings in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock valued at $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider's stock valued at $244,647,000 after buying an additional 3,470,346 shares during the last quarter. Millennium Management LLC raised its holdings in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock valued at $226,626,000 after buying an additional 4,558,129 shares during the last quarter. Finally, LSV Asset Management raised its holdings in First Horizon by 5.2% during the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider's stock valued at $221,187,000 after buying an additional 692,100 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FHN has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, November 8th. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Wedbush downgraded shares of First Horizon from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.46.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

First Horizon Stock Down 2.8 %

FHN stock traded down $0.59 during trading on Monday, hitting $20.11. 13,310,581 shares of the stock traded hands, compared to its average volume of 6,556,347. First Horizon Co. has a 1 year low of $12.95 and a 1 year high of $21.72. The firm's 50 day moving average is $18.38 and its two-hundred day moving average is $16.62. The stock has a market cap of $10.66 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. 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 (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the prior year, the firm posted $0.27 EPS. On average, sell-side analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio is currently 43.48%.

First Horizon declared that its Board of Directors 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 buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

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.