First Horizon (NYSE:FHN) Issues Earnings Results

First Horizon (NYSE:FHN) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01, RTT News reports. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share.

First Horizon Trading Up 1.8 %

FHN stock traded up $0.25 during midday trading on Wednesday, hitting $14.16. 7,655,712 shares of the company’s stock were exchanged, compared to its average volume of 7,171,165. First Horizon has a one year low of $8.99 and a one year high of $18.99. The stock’s fifty day moving average price is $14.51 and its 200-day moving average price is $13.33. The company has a market cap of $7.86 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 3.98 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.24%. First Horizon’s dividend payout ratio is 39.22%.

First Horizon declared that its board has authorized a stock buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional Trading of First Horizon

Large investors have recently bought and sold shares of the business. Cetera Investment Advisers lifted its holdings in shares of First Horizon by 3.2% in the first quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 491 shares in the last quarter. Blair William & Co. IL raised its stake in First Horizon by 2.1% in the 1st quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 575 shares during the period. Thrivent Financial for Lutherans raised its position in shares of First Horizon by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock valued at $3,068,000 after purchasing an additional 788 shares during the period. Wetherby Asset Management Inc. lifted its stake in shares of First Horizon by 7.0% during the 1st 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 during the last quarter. Finally, United Services Automobile Association boosted its holdings in shares of First Horizon by 2.5% during the 2nd 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 during the period. 80.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on FHN. StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Evercore ISI lifted their price target on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Barclays initiated coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price objective for the company. Finally, UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

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.