Pallas Capital Advisors LLC Buys Shares of 17,350 First Horizon Co. (NYSE:FHN)

Pallas Capital Advisors LLC bought a new position in First Horizon Co. (NYSE:FHN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,350 shares of the financial services provider’s stock, valued at approximately $281,000.

Several other hedge funds have also modified their holdings of FHN. Rise Advisors LLC purchased a new position in First Horizon in the first quarter worth $25,000. Raleigh Capital Management Inc. acquired a new position in First Horizon during the 4th quarter valued at about $28,000. Fidelis Capital Partners LLC acquired a new position in First Horizon during the 1st quarter valued at about $28,000. Fortitude Family Office LLC boosted its holdings in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Richardson Financial Services Inc. purchased a new stake in shares of First Horizon during the fourth quarter worth about $35,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

NYSE FHN traded down $0.12 during trading hours on Tuesday, reaching $15.82. The company’s stock had a trading volume of 1,225,303 shares, compared to its average volume of 6,713,716. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $17.46. The company’s 50-day moving average is $15.58 and its two-hundred day moving average is $15.13. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 3.23 and a beta of 0.89.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 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 $0.39 EPS. On average, equities analysts predict that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.79%. First Horizon’s payout ratio is presently 41.96%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Royal Bank of Canada lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Stephens initiated coverage on First Horizon in a research report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price on the stock. Evercore ISI lowered their price target on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.31.

First Horizon 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.