Pallas Capital Advisors LLC Makes New Investment in First Horizon Corporation $FHN

Pallas Capital Advisors LLC acquired a new stake in First Horizon Corporation (NYSE:FHN) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 33,513 shares of the financial services provider’s stock, valued at approximately $859,000.

A number of other hedge funds have also recently modified their holdings of FHN. Deutsche Bank AG purchased a new stake in shares of First Horizon during the second quarter worth about $1,175,000. Perigon Wealth Management LLC bought a new stake in shares of First Horizon in the second quarter worth about $359,000. Phillips Wealth Planners LLC purchased a new position in First Horizon during the 2nd quarter valued at about $230,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in First Horizon during the 2nd quarter valued at about $13,692,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new position in First Horizon during the 2nd quarter valued at approximately $10,061,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

First Horizon stock opened at $25.80 on Wednesday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The stock’s 50 day simple moving average is $25.50 and its two-hundred day simple moving average is $24.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market cap of $12.22 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.04 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the company earned $0.45 EPS. As a group, analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is presently 32.54%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Wells Fargo & Company assumed coverage on First Horizon in a report on Monday, August 10th. They set an “equal weight” rating and a $28.00 target price for the company. JPMorgan Chase & Co. dropped their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. Finally, Truist Financial boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $27.26.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.