Lecap Asset Management Ltd. Sells 40,643 Shares of First Horizon Co. (NYSE:FHN)

Lecap Asset Management Ltd. lowered its position in shares of First Horizon Co. (NYSE:FHN) by 47.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 44,544 shares of the financial services provider’s stock after selling 40,643 shares during the quarter. Lecap Asset Management Ltd.’s holdings in First Horizon were worth $692,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of First Horizon in the first quarter worth about $28,000. Family Firm Inc. purchased a new position in shares of First Horizon in the second quarter worth about $28,000. Nemes Rush Group LLC increased its holdings 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 buying an additional 1,378 shares during the period. Finally, Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon in the second quarter worth about $31,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

First Horizon stock opened at $17.46 on Friday. The stock’s 50 day simple moving average is $16.05 and its two-hundred day simple moving average is $15.65. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $9.55 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.27 and a beta of 0.88. First Horizon Co. has a fifty-two week low of $10.16 and a fifty-two week high of $17.68.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the firm posted $0.27 EPS. As a group, analysts expect that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Royal Bank of Canada lifted their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.77.

About First Horizon

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.