Pallas Capital Advisors LLC Has $438,000 Stock Holdings in First Horizon Co. (NYSE:FHN)

Pallas Capital Advisors LLC grew its position in First Horizon Co. (NYSE:FHN) by 62.5% during the 3rd quarter, Holdings Channel reports. The firm owned 28,193 shares of the financial services provider’s stock after purchasing an additional 10,843 shares during the quarter. Pallas Capital Advisors LLC’s holdings in First Horizon were worth $438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FHN. Millennium Management LLC boosted its stake in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. LSV Asset Management boosted its stake in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after purchasing an additional 4,434,929 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon in the second quarter valued at about $66,779,000. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after buying an additional 3,870,946 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of First Horizon by 28.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

First Horizon stock opened at $17.33 on Friday. The firm has a market capitalization of $9.29 billion, a P/E ratio of 12.56, a PEG ratio of 1.30 and a beta of 0.88. First Horizon Co. has a 1 year low of $10.55 and a 1 year high of $17.93. The business has a 50-day moving average of $16.16 and a 200-day moving average of $15.73. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the company earned $0.27 EPS. On average, equities analysts anticipate that First Horizon Co. will post 1.48 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.46%. First Horizon’s dividend payout ratio is presently 43.48%.

Analysts Set New Price Targets

A number of research firms recently issued reports on FHN. Barclays lifted their price target on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Stephens lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. JPMorgan Chase & Co. cut their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

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.