First Horizon Co. (NYSE:FHN) to Post Q3 2024 Earnings of $0.38 Per Share, Wedbush Forecasts

First Horizon Co. (NYSE:FHN) – Wedbush upped their Q3 2024 earnings per share (EPS) estimates for shares of First Horizon in a research report issued to clients and investors on Wednesday, April 17th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $0.38 per share for the quarter, up from their previous forecast of $0.37. Wedbush currently has a “Outperform” rating and a $17.00 target price on the stock. The consensus estimate for First Horizon’s current full-year earnings is $1.46 per share. Wedbush also issued estimates for First Horizon’s FY2024 earnings at $1.48 EPS.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their target price on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and upped their price target for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $13.00 to $17.00 in a research note on Friday, January 5th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Stock Performance

NYSE:FHN opened at $14.28 on Friday. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99. The firm 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. 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 firm’s fifty day simple moving average is $14.53 and its 200 day simple moving average is $13.34.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company 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 firm earned $0.46 earnings per share. First Horizon’s revenue for the quarter was down 4.7% on a year-over-year basis.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers grew its position in shares of First Horizon by 3.2% in the 1st quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 491 shares in the last quarter. Blair William & Co. IL boosted its holdings in First Horizon by 2.1% in the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 575 shares during the period. Thrivent Financial for Lutherans boosted its holdings in First Horizon by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock worth $3,068,000 after purchasing an additional 788 shares during the period. Wetherby Asset Management Inc. increased its stake in First Horizon by 7.0% during the first quarter. Wetherby Asset Management Inc. now owns 12,152 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 800 shares during the last quarter. Finally, United Services Automobile Association raised its holdings in shares of First Horizon by 2.5% during the second quarter. United Services Automobile Association now owns 34,254 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 836 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon declared that its board has approved a stock buyback plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a $0.15 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.20%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

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.