First Horizon (NYSE:FHN) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

First Horizon (NYSE:FHN) announced its earnings results on Thursday. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06, FiscalAI reports. The business had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 18.08% and a return on equity of 10.93%.

First Horizon Stock Performance

First Horizon stock opened at $24.08 on Thursday. First Horizon has a fifty-two week low of $15.19 and a fifty-two week high of $24.91. The company has a market capitalization of $11.85 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 0.86 and a beta of 0.61. The stock has a fifty day moving average of $23.11 and a two-hundred day moving average of $22.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were given a $0.15 dividend. The ex-dividend date was Friday, December 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. First Horizon’s dividend payout ratio is currently 36.36%.

First Horizon announced that its Board of Directors has approved a share repurchase plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

A number of institutional investors have recently modified their holdings of FHN. Kestra Investment Management LLC boosted its holdings in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the last quarter. Triumph Capital Management acquired a new position in First Horizon during the 3rd quarter valued at approximately $77,000. CIBC Private Wealth Group LLC grew its position in shares of First Horizon by 80.1% during the third quarter. CIBC Private Wealth Group LLC now owns 5,422 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 2,411 shares during the last quarter. Finally, Danske Bank A S bought a new position in First Horizon in the 3rd quarter worth about $124,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FHN shares. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Royal Bank Of Canada restated an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a research report on Monday. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. National Bankshares set a $28.00 target price on shares of First Horizon in a report on Tuesday, December 16th. Finally, UBS Group reissued a “buy” rating and set a $28.00 price target on shares of First Horizon in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

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.