SCHEDULE: Millennium Management Adjusts First Horizon Stake

Millennium Management LLC, along with affiliated entities and Israel A. Englander, has filed a Schedule 13G, reporting a beneficial ownership of less than 5% in First Horizon Corporation as of September 1, 2026.

Summary

• Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander have filed a Schedule 13G regarding their beneficial ownership of First Horizon Corporation's common stock.
• As of September 1, 2026, the reporting persons collectively held 23,543,136 shares, representing 4.97% of the outstanding common stock.
• This filing indicates that the reporting persons have ceased to be beneficial owners of more than 5% of the outstanding common stock by the date of this filing.
• The shares are held by entities subject to the voting control and investment discretion of Millennium Management LLC and/or other investment managers controlled by Millennium Group Management LLC and Mr. Englander.
• The filing asserts that the securities were not acquired or held for the purpose of influencing the control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily reports a change in beneficial ownership below the 5% threshold, indicating a passive investment adjustment rather than a significant strategic shift.

Positives

• The reporting persons have adjusted their holdings to below the 5% threshold, which can be seen as a prudent risk management step.
• The filing confirms a clear and organized reporting structure for beneficial ownership through a joint filing agreement.

Negatives

• The reduction in stake below the 5% threshold might suggest a decreased conviction in the short-to-medium term prospects of First Horizon Corporation by a significant institutional investor.
• The complex ownership structure involving multiple entities and investment managers could obscure the ultimate beneficial owner's intentions.

Risks

• The filing does not explicitly mention any new risks, but the reduction in stake could imply the reporting persons perceive increased risks or a lack of sufficient upside potential in First Horizon Corporation.
• Potential for future adjustments in holdings by Millennium Management, which could impact share price if significant.

Future Outlook

The filing itself does not contain forward-looking statements or guidance from First Horizon Corporation. It solely reports on the beneficial ownership status of Millennium Management LLC and related parties.

Management Comments

• "The foregoing should not be construed in and of itself as an admission by Millennium Management LLC, Millennium Group Management LLC or Mr. Englander as to beneficial ownership of the securities held by such entities."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors adjusting their passive stakes in publicly traded companies. A reduction below the 5% threshold by a significant entity like Millennium Management often signals a rebalancing of their portfolio or a shift in their investment thesis for the specific company, without necessarily implying negative sentiment towards the entire sector.

Comparison to Industry Standards

• This filing is a standard Schedule 13G, which is the prescribed form for reporting beneficial ownership of more than 5% of a class of securities by passive investors. The reporting of holdings below 5% is also a standard disclosure requirement when a filer previously exceeded this threshold.
• The specific percentage (4.97%) is a common level for institutional investors to hold, often aiming to stay below thresholds that would trigger more stringent reporting or fiduciary duties.

Stakeholder Impact

• Shareholders: The reduction in stake by a significant investor may lead to short-term market speculation, though the passive nature of the filing suggests it's unlikely to cause major disruption.
• Creditors: No direct impact is indicated as the filing pertains to equity ownership and not debt.
• Employees: No direct impact is indicated.

Next Steps

• Millennium Management LLC and affiliated entities will continue to monitor their investment in First Horizon Corporation.
• Future filings will be made if beneficial ownership crosses the 5% threshold again or if other reportable changes occur.

Key Dates

Keywords

First Horizon Corporation, Millennium Management, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Securities Exchange Act