Core Insights - T. Rowe Price Group reported preliminary assets under management (AUM) of $1.77 trillion as of September-end, an increase from $1.73 trillion at the end of August [3] Summary by Asset Class - Equity AUM stood at $885 billion [3] - Fixed income, including money market, accounted for $208 billion [3] - Multi-asset AUM was reported at $618 billion [3] - Alternatives AUM totaled $56 billion [3]

Core Insights - Investors are taking a bearish stance on BlackRock, with significant options trades indicating potential insider knowledge of upcoming events [1][2] - The sentiment among large investors is mixed, with 38% bullish and 46% bearish positions noted [2] - A price target range for BlackRock has been identified between $440.0 and $1250.0 based on recent options activity [3] Options Trading Analysis - A total of 13 uncommon options trades for BlackRock were detected, with 2 puts totaling $52,650 and 11 calls amounting to $2,442,885 [2] - The analysis of volume and open interest in options contracts provides insights into liquidity and investor interest, particularly within the identified price range [4] BlackRock Overview - BlackRock is the largest asset manager globally, managing $12.528 trillion in assets as of June 2025, with a diverse product mix [11] - The company's asset management strategy includes 54% in equity, 25% in fixed income, and significant portions in multi-asset classes and alternatives [11] - Institutional clients represent approximately 80% of BlackRock's assets under management, highlighting its focus on this segment [11] Market Status and Analyst Ratings - Recent analyst ratings suggest an average target price of $1275.0 for BlackRock, with Citigroup maintaining a Buy rating at $1350 and Evercore ISI Group holding an Outperform rating at $1200 [12][13] - The current trading volume for BlackRock is 267,169, with the stock price down by 1.27% to $1160.68, indicating potential overbought conditions [15]

Core Viewpoint - The fixed income market is expected to provide better returns moving forward, with higher yields likely to persist due to recent Federal Reserve actions and shifts in investor demand [3][4][5]. Group 1: Fixed Income Market Outlook - The current environment suggests that higher yields are here to stay, influenced by the Federal Reserve's recent rate cuts and expectations for further reductions [3][6]. - There is a shift in demand for risk-free assets from central banks and foreign investors to more price-sensitive investors like asset managers and hedge funds, which may lead to elevated long-term yields [3][4]. - The fixed income component of a balanced portfolio may become increasingly attractive as the stock market appears overvalued [5]. Group 2: Economic Indicators and Labor Market - The pace of private payroll growth has slowed, and unemployment rates have ticked up, indicating potential for better growth and higher inflation in the future [6][7]. - The current labor market situation is unusual, with private employment demand running under a 1% annualized rate for most of the year, which is unprecedented in modern history [7][8].

Core Viewpoint - First Horizon Corporation will participate in the Barclays 23rd Annual Global Financial Services Conference on September 9, 2025, featuring key executives Bryan Jordan and Hope Dmuchowski [1] Group 1: Company Overview - First Horizon Corporation has $82.1 billion in assets as of June 30, 2025 [4] - The company operates in 12 states, primarily in the southern U.S., through its banking subsidiary, First Horizon Bank [4] - Services offered include commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [4] Group 2: Recognition and Reputation - First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines [4] - The company is also listed as a Top 10 Most Reputable U.S. Bank [4] Group 3: Event Details - A live webcast and audio replay of the conference will be available on the First Horizon Investor Relations website [2]

Financial Data and Key Metrics Changes - Hilltop reported net income of approximately $36 million or $0.57 per diluted share, with a return on average assets of 1% and return on average equity of 6.6% [4] - The net interest margin increased by 19 basis points, while the blended cost of deposits declined by 9 basis points [5][6] - Net interest income for the second quarter was $110.7 million, reflecting a year-over-year increase of 7% [14][17] - The allowance for credit losses declined by $8.2 million to $98 million, with net charge-offs of approximately $900,000 [15][16] Business Line Data and Key Metrics Changes - PlainsCapital Bank generated $55 million of pretax income on average assets of $12.7 billion, resulting in a return on average assets of 1.35% [5] - PrimeLending reported a pretax gain of $3 million, including a nonrecurring legal settlement of $9.5 million [9] - Hilltop Securities generated pretax income of $6 million on net revenues of $110 million, with public finance services seeing a 36% year-over-year increase in net revenues [11] Market Data and Key Metrics Changes - Average total deposits at PlainsCapital declined during the quarter, reflecting normal seasonal flows related to tax payments and distributions [18] - Core deposits increased by approximately $275 million year-over-year [8] - Mortgage revenues declined by $12 million, driven by lower valuation marks on the pipeline and lower loan origination fees [20] Company Strategy and Development Direction - The company aims to return its mortgage business to profitability while managing deposit costs and expanding lending activity [24] - Hilltop continues to focus on prudent growth of revenue producers while gaining efficiency across middle and back office functions [21] - The company anticipates ongoing activity in M&A, looking for cash-type deals due to trading at a discount on a tangible book value basis [51] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the work being done to support customers and communities, despite uncertainties in the market regarding interest rates and inflation [24] - The outlook for 2025 reflects the current assessment of the economy and market conditions, with adjustments expected as the market changes [25] - The company expects to recapture a material portion of deposits in the second half of 2025 as seasonal inflows occur [7] Other Important Information - The company returned over $46 million to stockholders through dividends and share repurchases during the quarter [5] - The tangible book value per share increased by $0.54 to $30.56 [13] Q&A Session Summary Question: Regarding the broker dealer business and elevated efficiency ratio - Management indicated that the elevated efficiency ratio is largely a reflection of the revenue mix, with public finance services up and structured finance flat to down [27][28] Question: On fixed expense guidance and incremental expense outlook - Management noted ongoing inflation in personnel and software expenses as drivers for the increased expense outlook [30] Question: About the net interest margin and deposit beta - Management highlighted improvements in analytic capabilities and a more rational marketplace as factors contributing to a higher than expected deposit beta [31][32] Question: On loan growth and competition - Management discussed strong pipelines and the impact of competition on loan growth, indicating that it will take time to fund commitments [36][41] Question: On capital management and share repurchases - Management expressed satisfaction with share repurchases and indicated plans to continue this strategy, while also evaluating M&A opportunities [50][51] Question: About credit improvements and classified loans - Management attributed improvements in classified loans to pay downs and effective workout activities by the credit team [53] Question: On deposit costs and outflows - Management clarified that recent outflows were seasonal and expected to rebuild in the second half of the year [55]

Core Insights - First Horizon Bank has been recognized on Forbes' list of America's Best-In-State Banks 2025, highlighting its value to residents in each state [1][2] - The ranking is based on an independent survey of over 26,000 customers, evaluating banks on criteria such as Trust, Financial Advice, Client Services, Digital Services, Branch Services, and Terms & Conditions [1] Company Overview - First Horizon Corporation, with $81.5 billion in assets as of March 31, 2025, is a leading regional financial services company headquartered in Memphis, TN [3] - The company operates in 12 states across the southern U.S. and offers a wide range of services including commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [3] - First Horizon has received recognition as one of the nation's best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [3]

Group 1 - First Horizon Corporation (NYSE: FHN) plans to announce its second quarter financial results on July 16, 2025, with a news release available at approximately 6:30 am ET [1] - A live conference call and webcast presentation will be held on the same day at 9:30 am ET [1] - The company has $81.5 billion in assets as of March 31, 2025, and operates in 12 states across the southern U.S. [4] Group 2 - The banking subsidiary, First Horizon Bank, offers a range of services including commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [4] - First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [4]

Group 1 - Virtus Investment Partners, Inc. (VRTS) reported preliminary assets under management (AUM) of $163.7 billion for April 2025, reflecting a 2.2% decrease from March 31, 2025, primarily due to net outflows in various fund categories [1] - The company's open-end fund balance decreased by 1.6% to $52.7 billion, while closed-end fund balance slightly declined to $10.2 billion [2] - Institutional accounts balance fell 2.1% to $55.5 billion, and retail separate accounts decreased by 3.4% to $45.3 billion [2] Group 2 - The integrated multi-boutique business model of the company is expected to support its performance in a growing industry, but the decline in AUM raises concerns about future profitability [3] - Elevated operating expenses are anticipated to negatively impact the company's bottom line in the near term [3] - Over the past six months, shares of Virtus Investment have decreased by 26.8%, compared to a 9.4% decline in the industry [4] Group 3 - The company currently holds a Zacks Rank of 4 (Sell) [5] - In comparison, Franklin Resources, Inc. reported a preliminary AUM of $1.53 trillion, showing a marginal decrease due to long-term net outflows [6] - T. Rowe Price Group, Inc. announced a preliminary AUM of $1.56 trillion, reflecting a slight decrease, with equity products totaling $767 billion and fixed income growing by 1% to $198 billion [8]