Oppenheimer Asset Management Inc. Takes $10.13 Million Position in First Horizon Corporation $FHN

Key Points

• Oppenheimer Asset Management opened a new position in First Horizon, acquiring 423,719 shares worth about $10.13 million—roughly 0.09% of the company per its latest 13F filing.
• First Horizon beat quarterly EPS estimates ($0.53 vs. $0.49) with revenue of $865M, carries a market cap of $11.89B and a P/E of 12.45, pays a $0.17 quarterly dividend (≈2.7% yield), and has a consensus analyst rating of "Hold" with an average price target of $26.45.

Oppenheimer Asset Management Inc. acquired a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 423,719 shares of the financial services provider's stock, valued at approximately $10,127,000. Oppenheimer Asset Management Inc. owned approximately 0.09% of First Horizon as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Aaron Wealth Advisors LLC grew its position in shares of First Horizon by 5.4% during the fourth quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 511 shares in the last quarter. Sanctuary Advisors LLC grew its position in First Horizon by 3.5% in the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock worth $378,000 after acquiring an additional 537 shares in the last quarter. AMG National Trust Bank grew its position in First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider's stock worth $2,314,000 after acquiring an additional 575 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in First Horizon by 57.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider's stock worth $39,000 after acquiring an additional 635 shares in the last quarter. Finally, Krilogy Financial LLC grew its position in First Horizon by 3.9% in the fourth quarter. Krilogy Financial LLC now owns 17,499 shares of the financial services provider's stock worth $424,000 after acquiring an additional 664 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Stock Down 0.3%

Shares of NYSE FHN opened at $24.89 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $11.89 billion, a P/E ratio of 12.45, a PEG ratio of 0.97 and a beta of 0.62. First Horizon Corporation has a 1 year low of $18.43 and a 1 year high of $26.56. The firm has a 50-day simple moving average of $23.46 and a two-hundred day simple moving average of $23.29.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. Research analysts anticipate that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon's dividend payout ratio (DPR) is presently 34.00%.

Analysts Set New Price Targets

FHN has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price target on First Horizon from $28.00 to $26.00 and set a "neutral" rating for the company in a research report on Wednesday, April 1st. National Bank Financial set a $27.00 price target on First Horizon in a research report on Friday, January 16th. Citigroup lifted their price target on First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Barclays dropped their price target on First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Finally, Zacks Research lowered First Horizon from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 20th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Horizon has a consensus rating of "Hold" and an average price target of $26.45.

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.

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