First Horizon Co. (NYSE:FHN) Expected to Post Q1 2024 Earnings of $0.34 Per Share

First Horizon Co. (NYSE:FHN) – Analysts at Wedbush upped their Q1 2024 earnings per share estimates for shares of First Horizon in a note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.34 for the quarter, up from their prior estimate of $0.33. The consensus estimate for First Horizon’s current full-year earnings is $1.42 per share.

Several other research analysts have also recently weighed in on the company. Barclays initiated coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Wells Fargo & Company increased their price objective on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 6th. Finally, Citigroup started coverage on First Horizon in a research report on Friday, December 1st. They issued a “buy” rating and a $14.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.68.

First Horizon Price Performance

NYSE:FHN opened at $15.33 on Thursday. First Horizon has a 12 month low of $8.99 and a 12 month high of $18.99. The stock has a 50 day moving average of $14.40 and a two-hundred day moving average of $12.98. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The firm has a market cap of $8.51 billion, a P/E ratio of 10.02, a price-to-earnings-growth ratio of 4.28 and a beta of 0.93.

First Horizon (NYSE:FHN) last released its quarterly earnings data 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. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $784.20 million. During the same quarter last year, the business posted $0.51 EPS.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Thursday, March 14th. First Horizon’s payout ratio is currently 39.22%.

Institutional Trading of First Horizon

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in First Horizon by 6,217.8% in the third quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after buying an additional 7,682,480 shares in the last quarter. Norges Bank acquired a new stake in First Horizon in the fourth quarter valued at $86,487,000. North Reef Capital Management LP raised its stake in First Horizon by 137.9% in the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after buying an additional 5,158,750 shares in the last quarter. LSV Asset Management raised its stake in First Horizon by 807.7% in the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after buying an additional 4,882,709 shares in the last quarter. Finally, Scout Investments Inc. acquired a new stake in First Horizon in the second quarter valued at $59,327,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.