Highland Capital Management Boosts Stake in First Horizon Co.

Highland Capital Management LLC has significantly increased its stake in First Horizon Co. (NYSE:FHN) by an astonishing 2,828.3% during the third quarter, based on its latest 13F filing with the SEC. The institutional investor now holds 316,955 shares of First Horizon's stock, having purchased an additional 306,131 shares over the quarter. This investment is valued at approximately $4,922,000, representing about 0.06% ownership in the financial services provider.

Many other large investors have also made adjustments to their positions in First Horizon. For instance, UMB Bank n.a. increased its stake by 365.0% in the third quarter, acquiring 1,688 shares valued at around $26,000 after purchasing 1,325 additional shares in the last quarter. Family Firm Inc. bought a new stake in First Horizon during the second quarter, valued at about $28,000. Additionally, Nemes Rush Group LLC expanded its position by 306.2% in the same quarter, now holding 1,828 shares worth $29,000 after acquiring an additional 1,378 shares. Fidelis Capital Partners LLC also established a new stake valued at approximately $28,000 in the first quarter, while Industrial Alliance Investment Management Inc. bought a new position during the second quarter valued at roughly $31,000. It is noteworthy that institutional investors collectively own 80.28% of First Horizon's stock.

First Horizon Price Insights

As of Friday, First Horizon's stock opened at $17.09. The company boasts a market capitalization of $9.35 billion, a price-to-earnings (P/E) ratio of 11.95, a price-to-earnings growth (PEG) ratio of 1.27, and a beta of 0.88. The stock's 50-day moving average stands at $16.07, while the 200-day moving average is at $15.66. Financial ratios for the company include a current ratio of 0.95, a quick ratio of 0.95, and a debt-to-equity ratio of 0.14. Over the past year, First Horizon's stock has fluctuated between a low of $10.34 and a high of $17.68.

Following market movements, First Horizon and PacWest shares have seen significant declines amid ongoing bank sector concerns.

Recent Earnings Review

First Horizon recently released its earnings results on October 16. The financial services provider reported earnings of $0.42 per share for the quarter, surpassing the consensus estimate of $0.38 by $0.04. The company’s net margin stood at 14.03%, and the return on equity was 8.84%. First Horizon achieved revenues of $1.32 billion for the quarter, significantly outpacing analyst expectations of $821.63 million. In the same quarter of the previous year, the company reported earnings of $0.27 per share. Analysts forecast that First Horizon Co. will achieve earnings per share (EPS) of 1.46 for the current year.

Analyst Ratings and Future Outlook

Several equity analysts have weighed in on shares of First Horizon. StockNews.com upgraded First Horizon from a "sell" rating to a "hold" rating in a note. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a price target of $18.00 on the stock. Raymond James downgraded shares from a "strong-buy" to an "outperform" rating, maintaining the $18.00 target price. Meanwhile, JPMorgan Chase reduced its target price for the shares from $19.00 to $18.00 and maintained a "neutral" rating. Royal Bank of Canada, on the other hand, raised its price target for First Horizon from $19.00 to $20.00 and rated the stock as "outperform." Currently, six analysts have given the stock a hold rating, while eight analysts recommend buying. First Horizon has a consensus rating of "Moderate Buy" and an average target price of $17.77, according to MarketBeat.com.

About First Horizon Corporation

First Horizon Corporation serves as the bank holding company for First Horizon Bank, providing a range of financial services. It operates in both Regional Banking and Specialty Banking segments, offering various banking services to consumers, businesses, financial institutions, and government entities.

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