First Horizon (NYSE:FHN) Posts Earnings Results, Beats Expectations By $0.04 EPS

First Horizon (NYSE:FHN) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04, Zacks reports. The business had revenue of $830.19 million for the quarter, compared to analysts’ expectations of $832.95 million. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. During the same quarter last year, the company earned $0.36 EPS.

First Horizon Price Performance

FHN stock opened at $21.65 on Thursday. The business has a 50 day moving average price of $20.44 and a 200 day moving average price of $19.96. The stock has a market cap of $10.98 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.06 and a beta of 0.61. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $22.44. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.20.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Friday, June 13th. First Horizon’s dividend payout ratio is presently 41.67%.

Institutional Investors Weigh In On First Horizon

A hedge fund recently raised its stake in First Horizon stock. Geneos Wealth Management Inc. increased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 156.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,794 shares of the financial services provider’s stock after purchasing an additional 1,095 shares during the quarter. Geneos Wealth Management Inc.’s holdings in First Horizon were worth $35,000 at the end of the most recent quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FHN. Wells Fargo & Company raised their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a report on Sunday, June 22nd. Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. raised their price objective on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a report on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods reduced their price target on First Horizon from $24.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $23.28.

About First Horizon

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.