Hedge Funds Are Selling First Horizon National Corporation (FHN)

We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of First Horizon National Corporation (NYSE:FHN) based on that data.

First Horizon National Corporation (NYSE:FHN) shareholders have witnessed a decrease in enthusiasm from smart money in recent months. At the end of this article we will also compare FHN to other stocks, including AngloGold Ashanti Limited (ADR) (NYSE:AU), American Capital Ltd. (NASDAQ:ACAS), and RLJ Lodging Trust (NYSE:RLJ) to get a better sense of its popularity.

In today’s marketplace there are a lot of formulas shareholders can use to grade publicly traded companies. A pair of the less utilized formulas are hedge fund and insider trading sentiment. Our researchers have shown that, historically, those who follow the top picks of the top fund managers can outperform their index-focused peers by a very impressive margin (see the details here).

Keeping this in mind, let’s take a look at the recent action surrounding First Horizon National Corporation (NYSE:FHN).

What have hedge funds been doing with First Horizon National Corporation (NYSE:FHN)?

Heading into Q4, a total of 16 of the hedge funds tracked by Insider Monkey held long positions in this stock, a drop of 11% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Joe Huber’s Huber Capital Management has the number one position in First Horizon National Corporation (NYSE:FHN), worth close to $60.4 million, comprising 2.1% of its total 13F portfolio. Sitting at the No. 2 spot is Lee Munder Capital Group, led by Lee Munder, holding a $22.5 million position; the fund has 0.5% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism contain Israel Englander’s Millennium Management, Dmitry Balyasny’s Balyasny Asset Management and D. E. Shaw’s D E Shaw.