First Horizon (NYSE:FHN) Issues Earnings Results
by Danessa Lincoln · The Markets DailyFirst Horizon (NYSE:FHN – Get Free Report) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04, FiscalAI reports. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million.
First Horizon Trading Down 0.3%
Shares of NYSE FHN opened at $24.24 on Wednesday. The stock’s 50 day moving average price is $23.64 and its two-hundred day moving average price is $23.15. First Horizon has a 52-week low of $16.44 and a 52-week high of $26.56. The stock has a market capitalization of $11.58 billion, a P/E ratio of 12.89, a PEG ratio of 0.95 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.
First Horizon Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s payout ratio is currently 36.17%.
Insider Transactions at First Horizon
In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.91% of the stock is owned by insiders.
Institutional Trading of First Horizon
Institutional investors and hedge funds have recently bought and sold shares of the company. Kestra Investment Management LLC raised its stake in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $51,000. Triumph Capital Management acquired a new stake in shares of First Horizon during the 3rd quarter worth approximately $77,000. Finally, Wilkerson Advisory Group LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $86,000. Institutional investors and hedge funds own 80.28% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. The Goldman Sachs Group set a $27.00 target price on First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Weiss Ratings downgraded First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 17th. Finally, National Bank Financial set a $27.00 price target on First Horizon in a report on Friday, January 16th. Eight analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, First Horizon currently has an average rating of “Hold” and a consensus target price of $26.45.
Read Our Latest Report on First Horizon
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.