Wedbush Analysts Cut Earnings Estimates for First Horizon Co. (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Investment analysts at Wedbush reduced their Q4 2024 earnings per share (EPS) estimates for shares of First Horizon in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.39 per share for the quarter, down from their prior forecast of $0.40. The consensus estimate for First Horizon’s current full-year earnings is $1.42 per share. Wedbush also issued estimates for First Horizon’s Q1 2025 earnings at $0.39 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.41 EPS, Q4 2025 earnings at $0.41 EPS and FY2025 earnings at $1.60 EPS.

FHN has been the subject of several other reports. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. 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 research report on Friday, January 5th. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Wells Fargo & Company boosted their target price on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $16.00 target price on shares of First Horizon in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.92.

First Horizon Trading Up 0.5 %

FHN opened at $15.40 on Friday. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 4.43 and a beta of 0.93. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. First Horizon has a 12 month low of $8.99 and a 12 month high of $18.99. The stock has a fifty day moving average price of $14.43 and a 200-day moving average price of $13.00.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same period in the previous year, the company posted $0.51 EPS.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.15 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.90%. First Horizon’s payout ratio is 39.22%.

First Horizon declared that its board has authorized a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On First Horizon

Large investors have recently bought and sold shares of the business. Macroview Investment Management LLC acquired a new position in First Horizon in the 3rd quarter worth about $25,000. Raleigh Capital Management Inc. purchased a new position in shares of First Horizon in the fourth quarter valued at approximately $28,000. FNY Investment Advisers LLC lifted its position in shares of First Horizon by 241.5% in the third quarter. FNY Investment Advisers LLC now owns 2,800 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,980 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of First Horizon in the second quarter valued at approximately $31,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of First Horizon in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.