Highland Capital Management LLC Increases Stake in First Horizon Co. (NYSE:FHN)

Highland Capital Management LLC has significantly increased its investment in First Horizon Co. (NYSE:FHN) by an astonishing 2,828.3% during the third quarter of the year, according to their latest 13F filing with the SEC. This institutional investor now holds 316,955 shares of the financial services provider after acquiring an additional 306,131 shares during this period. As of the most recent filing, Highland Capital Management LLC owns approximately 0.06% of First Horizon, valued at $4,922,000.

Investor Movements

Many other large investors have also made adjustments to their holdings in First Horizon. For example, UMB Bank n.a. increased its position by 365.0% in the third quarter, now owning 1,688 shares valued at about $26,000 after purchasing an additional 1,325 shares. Meanwhile, Family Firm Inc. established a new position in First Horizon during the second quarter worth around $28,000. Similarly, Nemes Rush Group LLC raised its stake by 306.2% in the same quarter and now possesses 1,828 shares worth $29,000 after acquiring 1,378 additional shares. Other investors, such as Fidelis Capital Partners LLC and Industrial Alliance Investment Management Inc., also acquired new positions in the company valued at approximately $28,000 and $31,000 respectively. Altogether, institutional investors own 80.28% of First Horizon's stock.

Performance of First Horizon Stocks

As of Friday, First Horizon’s stock opened at $17.09. The company has a market capitalization of $9.35 billion and a P/E ratio of 11.95, with a PEG ratio of 1.27 and a beta of 0.88. Its 50-day moving average is $16.07, while the 200-day moving average stands at $15.66. The current ratio and quick ratio are both at 0.95, and the debt-to-equity ratio is 0.14. In the past year, First Horizon's stock hit a low of $10.34 and a high of $17.68.

Recent Earnings and Analyst Ratings

First Horizon last reported earnings on October 16th, showing that the financial services provider earned $0.42 per share, surpassing the consensus estimate of $0.38 by $0.04. The company achieved a net margin of 14.03% and a return on equity of 8.84%. Revenue for the quarter totaled $1.32 billion, exceeding analyst expectations of $821.63 million. In the same quarter last year, the company had earnings of $0.27 per share. Analysts forecast that First Horizon Co. will post an EPS of 1.46 for the current year.

Analyst Opinions and Forecasts

A number of analysts have shared their insights about the shares of First Horizon. StockNews.com upgraded the company from a "sell" rating to a "hold" rating, while Keefe, Bruyette & Woods reaffirmed a "market perform" rating with a price target of $18.00. Raymond James lowered its rating from "strong-buy" to "outperform" while maintaining a target price of $18.00. JPMorgan Chase & Co. reduced its target price from $19.00 to $18.00, stating a "neutral" rating. Additionally, Royal Bank of Canada raised its price target from $19.00 to $20.00, giving the stock an "outperform" rating. Currently, six analysts rate the stock as a hold, and eight as a buy, resulting in a consensus rating of "Moderate Buy" with an average target price of $17.77.

About First Horizon Corporation

First Horizon Corporation operates as the bank holding company for First Horizon Bank, providing a wide range of financial services. The company focuses on regional banking and specialty banking segments, offering general banking services for consumers, businesses, financial institutions, and governments.

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