First Horizon (NYSE:FHN) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Horizon (NYSE:FHN) issued its earnings results on Wednesday. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02, FiscalAI reports. The firm had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%.

First Horizon Price Performance

Shares of NYSE FHN opened at $25.78 on Wednesday. The company has a market cap of $12.24 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s 50-day moving average is $24.72 and its two-hundred day moving average is $24.25. First Horizon has a 1-year low of $19.80 and a 1-year high of $26.56.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.17 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s payout ratio is 34.00%.

Institutional Trading of First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in FHN. Invesco Ltd. raised its stake in shares of First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after buying an additional 426,951 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of First Horizon by 4.4% during the 4th quarter. Corient Private Wealth LLC now owns 126,632 shares of the financial services provider’s stock worth $3,027,000 after purchasing an additional 5,281 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in shares of First Horizon by 72.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider’s stock worth $2,000,000 after purchasing an additional 35,208 shares during the last quarter. Beacon Pointe Advisors LLC lifted its stake in First Horizon by 16.4% in the 4th quarter. Beacon Pointe Advisors LLC now owns 11,440 shares of the financial services provider’s stock valued at $273,000 after buying an additional 1,613 shares in the last quarter. Finally, Mendon Capital Advisors Corp grew its holdings in First Horizon by 1.6% during the 4th quarter. Mendon Capital Advisors Corp now owns 465,000 shares of the financial services provider’s stock valued at $11,114,000 after buying an additional 7,230 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FHN shares. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Keefe, Bruyette & Woods raised their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $29.00 to $25.00 in a research note on Tuesday, April 7th. Finally, Wells Fargo & Company boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $27.12.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.