Wellington Management Group LLP Has $37.03 Million Stake in First Horizon Co. (NYSE:FHN)

Wellington Management Group LLP reduced its position in shares of First Horizon Co. (NYSE:FHN) by 50.1% during the 4th quarter, Holdings Channel.com reports. The firm 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’s holdings in First Horizon were worth $37,029,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in shares of First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in First Horizon during the 4th quarter valued at about $30,000. Kentucky Trust Co acquired a new position in shares of First Horizon in the 4th quarter valued at about $32,000. Lee Danner & Bass Inc. purchased a new stake in shares of First Horizon in the fourth quarter worth approximately $50,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of First Horizon stock opened at $16.16 on Monday. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44. The firm has a fifty day simple moving average of $20.36 and a 200-day simple moving average of $19.45. 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 has a market capitalization of $8.31 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the business earned $0.32 earnings per share. On average, sell-side analysts expect that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.71%. First Horizon’s payout ratio is 44.12%.

Insider Buying and Selling at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Bank of America upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Royal Bank of Canada increased their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Stephens reissued an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Keefe, Bruyette & Woods raised their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Finally, Barclays boosted their price target on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

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.