First Horizon (NYSE:FHN) Announces Earnings Results

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

First Horizon Trading Up 2.2 %

FHN traded up $0.31 during trading hours on Friday, reaching $14.59. 1,221,305 shares of the company’s stock traded hands, compared to its average volume of 7,102,434. The firm has a 50-day moving average price of $14.53 and a 200 day moving average price of $13.34. First Horizon has a 52-week low of $8.99 and a 52-week high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.10 billion, a PE ratio of 9.99, a PEG ratio of 4.00 and a beta of 0.94.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date was Thursday, March 14th. First Horizon’s payout ratio is currently 41.96%.

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

Hedge Funds Weigh In On First Horizon

Large investors have recently bought and sold shares of the business. PEAK6 Investments LLC purchased a new position in First Horizon during the 4th quarter valued at $145,000. Glenmede Trust Co. NA bought a new stake in First Horizon during the 3rd quarter valued at $145,000. SkyView Investment Advisors LLC bought a new stake in First Horizon during the 1st quarter valued at $133,000. Quarry LP bought a new stake in First Horizon during the 1st quarter valued at $89,000. Finally, Advisory Services Network LLC bought a new stake in First Horizon during the 4th quarter valued at $87,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Robert W. Baird lifted their target price on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday. Wedbush restated an “outperform” rating and set a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. Barclays assumed coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price target for the company. JPMorgan Chase & Co. raised their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

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.