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

First Horizon (NYSE:FHN) posted its earnings results on Thursday. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01, FiscalAI reports. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.15 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%.

First Horizon Stock Down 0.6%

FHN stock opened at $22.64 on Thursday. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a market cap of $10.73 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The business’s 50-day simple moving average is $24.25 and its 200 day simple moving average is $24.52. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

Insider Transactions at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.91% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FHN. JPMorgan Chase & Co. lowered their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Raymond James Financial upped their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. National Bank Financial set a $30.00 price objective on First Horizon in a research report on Tuesday, September 8th. Fundamental Research set a $28.50 price objective on First Horizon in a research report on Wednesday, July 1st. Finally, Morgan Stanley assumed coverage on shares of First Horizon in a research note on Tuesday, September 8th. They issued an “equal weight” rating and a $30.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $27.07.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.