Oppenheimer Asset Management Inc. Makes New $4.86 Million Investment in First Horizon Corporation $FHN

Key Points

• Oppenheimer Asset Management acquired 189,471 First Horizon shares worth approximately $4.86 million in the second quarter. Institutional investors collectively own 80.28% of FHN.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.52 consensus and $887 million in revenue versus estimates of $878.42 million.
• The company declared a quarterly dividend of $0.17 per share, equal to an annualized $0.68 payout and a 2.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $27.26.

Oppenheimer Asset Management Inc. acquired a new stake in First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 189,471 shares of the financial services provider's stock, valued at approximately $4,858,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FHN. William Blair Investment Management LLC grew its stake in shares of First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock valued at $127,531,000 after buying an additional 116,191 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider's stock valued at $12,295,000 after acquiring an additional 330,800 shares during the last quarter. Qsemble Capital Management LP lifted its stake in shares of First Horizon by 303.3% in the 4th quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider's stock valued at $10,790,000 after acquiring an additional 339,508 shares during the last quarter. Illumine Investment Management LLC purchased a new stake in First Horizon during the 1st quarter valued at about $909,000. Finally, North Reef Capital Management LP boosted its holdings in First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock valued at $328,955,000 after acquiring an additional 2,936,368 shares during the period. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $26.20 on Friday. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company's 50-day moving average is $25.44 and its 200 day moving average is $24.47. The stock has a market capitalization of $12.41 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.04 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The business 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 last year, the business posted $0.45 earnings per share. On average, sell-side analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FHN. Evercore set a $27.00 price target on First Horizon in a research report on Monday, July 6th. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Raymond James Financial raised their target price on shares of First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Finally, Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $27.26.

First Horizon 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.

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