Highland Capital Management Expands Stake in First Horizon

Highland Capital Management LLC has significantly increased its investment in First Horizon Co. (NYSE:FHN - Free Report) by an astonishing 2,828.3% during the third quarter of 2023, as revealed in the latest 13F filing with the Securities and Exchange Commission (SEC). Following this substantial purchase, Highland Capital now holds 316,955 shares of the financial services provider's stock after acquiring an additional 306,131 shares within the quarter. As per the recent filing, Highland's ownership represents about 0.06% of First Horizon, which is valued at approximately $4,922,000.

Institutional Investor Activity

Apart from Highland Capital, several other institutional investors have also adjusted their holdings in First Horizon. UMB Bank n.a. has increased its position by 365.0% during the third quarter, resulting in ownership of 1,688 shares worth around $26,000 after purchasing an additional 1,325 shares in the last period. Family Firm Inc. entered a new position in First Horizon valued at about $28,000 in the second quarter. Additionally, Nemes Rush Group LLC raised its stake by 306.2%, now owning 1,828 shares valued at $29,000 after boosting its holdings by 1,378 shares during the last quarter. Other investors, like Fidelis Capital Partners LLC and Industrial Alliance Investment Management Inc., have also made new investments in First Horizon, contributing to the overall institutional ownership, which stands at around 80.28% of the company’s stock.

First Horizon's Market Performance

As of Friday, First Horizon’s stock opened at $17.09. The financial institution boasts a market capitalization of $9.35 billion, with a price-to-earnings (P/E) ratio of 11.95 and a price-to-earnings growth (PEG) ratio of 1.27. The stock has demonstrated a 50-day moving average of $16.07 and a 200-day moving average of $15.66. The company's current ratio and quick ratio are both 0.95, with a modest debt-to-equity ratio of 0.14. Over the past year, First Horizon's stock has seen a low of $10.34 and a high of $17.68.

Recent Earnings Announcement

First Horizon reported its earnings results on October 16th, where it achieved earnings per share (EPS) of $0.42 for the quarter, surpassing analyst expectations of $0.38 by $0.04. The company recorded a net margin of 14.03% and a return on equity of 8.84%, while generating revenue of $1.32 billion, notably exceeding analyst estimates of $821.63 million. In the same quarter of the previous year, First Horizon had reported an EPS of $0.27. Looking ahead, analysts predict that First Horizon will post an EPS of 1.46 for the current year.

Analysts' Ratings and Expectations

Overview of First Horizon

First Horizon Corporation serves as the bank holding company for First Horizon Bank, providing a broad range of financial services. The company operates through two primary segments: Regional Banking and Specialty Banking, offering comprehensive banking services to consumers, businesses, financial institutions, and government entities.

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