Highland Capital Management LLC Buys 306,131 Shares of First Horizon Co. (NYSE:FHN)

Highland Capital Management LLC lifted its position in First Horizon Co. (NYSE:FHN - Free Report) by 2,828.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 316,955 shares of the financial services provider's stock after acquiring an additional 306,131 shares during the period. Highland Capital Management LLC owned about 0.06% of First Horizon worth $4,922,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FHN. UMB Bank n.a. lifted its stake in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in shares of First Horizon in the 2nd quarter valued at about $28,000. Nemes Rush Group LLC lifted its position in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,378 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon during the first quarter worth approximately $28,000. Finally, Industrial Alliance Investment Management Inc. purchased a new position in First Horizon during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Performance

First Horizon stock traded down $0.39 during trading hours on Friday, hitting $17.09. The stock had a trading volume of 5,671,682 shares, compared to its average volume of 6,891,837. The company has a 50-day moving average of $16.07 and a two-hundred day moving average of $15.66. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. First Horizon Co. has a fifty-two week low of $10.34 and a fifty-two week high of $17.68. The company has a market cap of $9.16 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.30 and a beta of 0.88.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the company posted $0.27 earnings per share. On average, equities research analysts anticipate that First Horizon Co. will post 1.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wedbush lowered shares of First Horizon from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Jefferies Financial Group lifted their price objective on First Horizon from $17.00 to $18.00 and gave the company a "buy" rating in a research report on Wednesday, July 3rd. Barclays upped their target price on First Horizon from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Royal Bank of Canada lifted their price target on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Finally, Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.77.

First Horizon Company Profile

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.