First Horizon (NYSE:FHN) Posts Earnings Results

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

First Horizon Price Performance

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 company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $14.53 and its 200-day simple moving average is $13.34. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 4.00 and a beta of 0.94.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given 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 payout ratio is 41.96%.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the stock. PEAK6 Investments LLC purchased a new stake in shares of First Horizon during the 4th quarter worth $145,000. Glenmede Trust Co. NA purchased a new stake in shares of First Horizon during the 3rd quarter worth $145,000. SkyView Investment Advisors LLC purchased a new stake in shares of First Horizon during the 1st quarter worth $133,000. Quarry LP purchased a new stake in First Horizon in the first quarter valued at about $89,000. Finally, Advisory Services Network LLC purchased a new stake in First Horizon in the fourth quarter valued at about $87,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on FHN. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Wells Fargo & Company boosted their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Barclays began coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price objective on the stock. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Finally, Robert W. Baird upped their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.15.

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

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.