First Horizon (NYSE:FHN) Issues Earnings Results

First Horizon (NYSE:FHN) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis.

First Horizon Price Performance

Shares of FHN stock 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 market capitalization of $7.92 billion, a P/E ratio of 9.99, a P/E/G ratio of 4.00 and a beta of 0.94. The stock has a 50 day moving average of $14.53 and a two-hundred day moving average of $13.34. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors 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 yield of 4.20%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Robert W. Baird increased their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. Wells Fargo & Company boosted their target price on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. FWL Investment Management LLC bought a new stake in First Horizon in the 4th quarter valued at $39,000. Cubist Systematic Strategies LLC acquired a new position in First Horizon in the third quarter worth about $39,000. Compass Wealth Management LLC acquired a new stake in First Horizon during the fourth quarter valued at approximately $49,000. CENTRAL TRUST Co lifted its position in shares of First Horizon by 141.7% during the 3rd quarter. CENTRAL TRUST Co now owns 2,610 shares of the financial services provider’s stock worth $60,000 after buying an additional 1,530 shares during the period. Finally, Penserra Capital Management LLC acquired a new stake in First Horizon in the 4th quarter valued at $66,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.