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

Oppenheimer Asset Management Inc. bought a new stake in shares of First Horizon Corporation (NYSE:FHN) during the second quarter, HoldingsChannel reports. The firm bought 189,471 shares of the financial services provider’s stock, valued at approximately $4,858,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of First Horizon in the 4th quarter worth about $153,942,000. Artemis Investment Management LLP bought a new stake in First Horizon during the fourth quarter worth about $90,319,000. North Reef Capital Management LP grew its holdings in First Horizon by 25.5% in the first 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 during the period. Cullen Capital Management LLC grew its holdings in First Horizon by 3,401.0% in the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after purchasing an additional 1,972,461 shares during the period. Finally, Arete Wealth Advisors LLC bought a new position in shares of First Horizon during the first quarter valued at approximately $43,483,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Up 0.7%

FHN opened at $26.20 on Friday. 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 firm has a 50 day moving average price of $25.44 and a 200-day moving average price of $24.47. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The stock has a market capitalization of $12.41 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.04 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter last year, the company posted $0.45 earnings per share. Equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Evercore set a $27.00 price objective on First Horizon in a research report on Monday, July 6th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. dropped their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Finally, Wells Fargo & Company started coverage on First Horizon in a research note on Monday, August 10th. They issued an “equal weight” rating and a $28.00 target price on the stock. 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’s stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and a consensus target price of $27.26.

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.