First Horizon (NYSE:FHN) Announces Quarterly Earnings Results

First Horizon (NYSE:FHN) released its quarterly earnings results on Wednesday. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01, RTT News reports. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The business’s revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS.

First Horizon Stock Up 1.9 %

NYSE:FHN traded up $0.26 during trading hours on Wednesday, reaching $14.17. The company had a trading volume of 8,738,739 shares, compared to its average volume of 7,188,404. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 3.98 and a beta of 0.94. The business’s 50-day simple moving average is $14.51 and its two-hundred day simple moving average is $13.33. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors 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 yield of 4.23%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 39.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FHN shares. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. Wedbush reiterated an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Institutional Investors Weigh In On First Horizon

A number of large investors have recently bought and sold shares of FHN. FWL Investment Management LLC acquired a new position in shares of First Horizon during the fourth quarter valued at about $39,000. Cubist Systematic Strategies LLC acquired a new position in shares of First Horizon during the third quarter valued at about $39,000. Compass Wealth Management LLC acquired a new position in shares of First Horizon during the fourth quarter valued at about $49,000. CENTRAL TRUST Co grew its holdings in shares of First Horizon by 141.7% during the third quarter. CENTRAL TRUST Co now owns 2,610 shares of the financial services provider’s stock valued at $60,000 after buying an additional 1,530 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new stake in shares of First Horizon in the fourth quarter valued at approximately $66,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 23rd that permits the company to buyback $650.00 million in shares. This buyback authorization permits the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.