First Horizon (NYSE:FHN) Announces Earnings Results, Beats Expectations By $0.01 EPS

First Horizon (NYSE:FHN) issued its earnings results on Wednesday. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01, RTT News reports. The firm had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. First Horizon’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share.

First Horizon Stock Up 0.8 %

Shares of NYSE:FHN opened at $14.28 on Friday. The company 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 business has a 50-day moving average price of $14.53 and a 200 day moving average price of $13.34. First Horizon has a 12-month low of $8.99 and a 12-month high of $18.99.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.20%. First Horizon’s dividend payout ratio is presently 41.96%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FHN shares. Barclays started coverage on First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Wells Fargo & Company upped their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. Finally, Robert W. Baird increased their target price on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday. 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 MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

First Horizon announced that its Board of Directors has initiated a share repurchase program on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers grew its position in First Horizon by 3.2% in the 1st quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 491 shares in the last quarter. Blair William & Co. IL grew its position in shares of First Horizon by 2.1% during the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after buying an additional 575 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of First Horizon by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock worth $3,068,000 after buying an additional 788 shares in the last quarter. Wetherby Asset Management Inc. grew its position in shares of 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 worth $285,000 after buying an additional 800 shares in the last quarter. Finally, United Services Automobile Association grew its position 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 buying an additional 836 shares in the last quarter. 80.28% of the stock is 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.