First Horizon Co. (NYSE:FHN) Expected to Post Q1 2024 Earnings of $0.34 Per Share

First Horizon Co. (NYSE:FHN) – Stock analysts at Wedbush boosted their Q1 2024 EPS estimates for First Horizon in a research report issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $0.34 for the quarter, up from their previous forecast of $0.33. The consensus estimate for First Horizon’s current full-year earnings is $1.42 per share.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same period last year, the firm posted $0.51 earnings per share.

A number of other brokerages have also recently weighed in on FHN. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $13.00 to $17.00 in a report on Friday, January 5th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price target for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of First Horizon in a research report on Friday, January 19th. Citigroup assumed coverage on shares of First Horizon in a research report on Friday, December 1st. They issued a “buy” rating and a $14.00 target price for the company. Finally, StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $14.68.

First Horizon Trading Up 3.7 %

Shares of NYSE:FHN opened at $15.33 on Thursday. The stock has a market capitalization of $8.51 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 4.28 and a beta of 0.93. First Horizon has a 1-year low of $8.99 and a 1-year high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95. The company has a 50 day moving average price of $14.40 and a 200 day moving average price of $12.98.

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd bought a new position in shares of First Horizon during the 4th quarter worth about $2,371,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in First Horizon during the 4th quarter valued at about $9,912,000. Vanguard Group Inc. lifted its holdings in First Horizon by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 56,946,272 shares of the financial services provider’s stock valued at $806,359,000 after purchasing an additional 171,222 shares during the last quarter. Greenwood Capital Associates LLC lifted its holdings in First Horizon by 26.1% during the 4th quarter. Greenwood Capital Associates LLC now owns 362,656 shares of the financial services provider’s stock valued at $5,135,000 after purchasing an additional 75,041 shares during the last quarter. Finally, Richardson Financial Services Inc. bought a new position in First Horizon during the 4th quarter valued at about $35,000. 80.28% of the stock is owned by institutional investors.

First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that permits the company to buyback $650.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Thursday, March 14th. First Horizon’s payout ratio is 39.22%.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.