33,513 Shares in First Horizon Corporation $FHN Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 33,513 shares of the financial services provider’s stock, valued at approximately $859,000.

Several other hedge funds have also bought and sold shares of the business. Bank of New York Mellon Corp bought a new position in shares of First Horizon during the second quarter valued at approximately $747,445,000. North Reef Capital Management LP boosted its position in shares of First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after purchasing an additional 2,936,368 shares in the last quarter. Invesco Ltd. boosted its position in shares of First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after purchasing an additional 426,951 shares in the last quarter. Norges Bank bought a new stake in shares of First Horizon in the 4th quarter worth approximately $153,942,000. Finally, William Blair Investment Management LLC grew its stake in shares of First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 0.9%

NYSE:FHN opened at $25.80 on Wednesday. The company’s 50 day moving average price is $25.50 and its 200-day moving average price is $24.49. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. 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 quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the business earned $0.45 EPS. On average, equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of analyst reports. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Truist Financial increased their target price on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Fundamental Research set a $28.50 price target on First Horizon in a report on Wednesday, July 1st. Finally, Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and an average price target of $27.26.

About First Horizon

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.