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

Oppenheimer Asset Management Inc. purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 423,719 shares of the financial services provider’s stock, valued at approximately $10,127,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Torren Management LLC bought a new stake in shares of First Horizon during the fourth quarter valued at approximately $177,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of First Horizon by 108.7% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 129,752 shares of the financial services provider’s stock valued at $3,101,000 after acquiring an additional 67,588 shares in the last quarter. M&T Bank Corp raised its stake in shares of First Horizon by 64.3% during the fourth quarter. M&T Bank Corp now owns 29,281 shares of the financial services provider’s stock valued at $699,000 after acquiring an additional 11,458 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of First Horizon during the fourth quarter valued at approximately $456,000. Finally, Pictet Asset Management Holding SA raised its stake in shares of First Horizon by 6.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 76,739 shares of the financial services provider’s stock valued at $1,834,000 after acquiring an additional 4,515 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FHN. Raymond James Financial lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. TD Cowen boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, January 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 price objective on shares of First Horizon in a research note on Monday, January 12th. Finally, Citigroup boosted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $24.89 on Friday. The company has a market capitalization of $11.89 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.97 and a beta of 0.62. First Horizon Corporation has a 52 week low of $18.43 and a 52 week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $23.46 and a 200 day moving average of $23.29.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company 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%. First Horizon’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, sell-side analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s dividend payout ratio is presently 34.00%.

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.