First Horizon (NYSE:FHN) Announces Earnings Results

First Horizon (NYSE:FHN) announced its quarterly earnings data on Thursday. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01, FiscalAI reports. The business had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.15 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%.

First Horizon Price Performance

NYSE:FHN opened at $22.64 on Thursday. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56. The stock has a 50 day moving average of $24.25 and a two-hundred day moving average of $24.52. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $10.73 billion, a P/E ratio of 10.83, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, September 11th. First Horizon’s payout ratio is presently 32.54%.

Insider Activity

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FHN has been the subject of several recent research reports. Hovde Group assumed coverage on shares of First Horizon in a report on Thursday, September 17th. They set a “market perform” rating and a $25.00 target price for the company. Citigroup lowered their price target on shares of First Horizon from $28.50 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Morgan Stanley initiated coverage on shares of First Horizon in a research report on Tuesday, September 8th. They set an “equal weight” rating and a $30.00 price target on the stock. Evercore reaffirmed a “hold” rating and issued a $25.00 price objective on shares of First Horizon in a report on Thursday, October 1st. Finally, Wells Fargo & Company cut their price objective on shares of First Horizon from $28.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, September 30th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus price target of $27.07.

First Horizon Company Profile

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.