First Horizon (NYSE:FHN) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

First Horizon (NYSE:FHN) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01, RTT News reports. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. First Horizon’s quarterly revenue was down 4.7% on a year-over-year basis.

First Horizon Stock Up 0.8 %

Shares of FHN opened at $14.28 on Friday. First Horizon has a 12-month low of $8.99 and a 12-month high of $18.99. The firm has a fifty day moving average price of $14.53 and a 200-day moving average price of $13.34. The firm has a market capitalization of $7.92 billion, a P/E ratio of 9.99, a P/E/G ratio of 4.00 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon’s dividend payout ratio is currently 41.96%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FHN shares. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Evercore ISI boosted their price target on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Wedbush restated an “outperform” rating and issued a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. Robert W. Baird boosted their price target on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

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

Institutional Trading of First Horizon

Hedge funds have recently added to or reduced their stakes in the business. PEAK6 Investments LLC purchased a new stake in First Horizon in the fourth quarter worth about $145,000. Glenmede Trust Co. NA purchased a new stake in First Horizon in the third quarter worth about $145,000. SkyView Investment Advisors LLC purchased a new stake in First Horizon in the first quarter worth about $133,000. Quarry LP purchased a new stake in First Horizon in the first quarter worth about $89,000. Finally, Advisory Services Network LLC purchased a new stake in First Horizon in the fourth quarter worth about $87,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.