First Horizon (NYSE:FHN – Get Free Report) announced its quarterly earnings results 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. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. First Horizon’s quarterly revenue was down 4.7% on a year-over-year basis.
First Horizon Stock Up 0.8 %
Shares of FHN opened at $14.28 on Friday. First Horizon has a 12-month low of $8.99 and a 12-month high of $18.99. The firm has a fifty day moving average price of $14.53 and a 200-day moving average price of $13.34. The firm has a market capitalization of $7.92 billion, a P/E ratio of 9.99, a P/E/G 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.
First Horizon Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon’s dividend payout ratio is currently 41.96%.
Analysts Set New Price Targets
Get Our Latest Stock Analysis on First Horizon
First Horizon announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Institutional Trading of First Horizon
Hedge funds have recently added to or reduced their stakes in the business. PEAK6 Investments LLC purchased a new stake in First Horizon in the fourth quarter worth about $145,000. Glenmede Trust Co. NA purchased a new stake in First Horizon in the third quarter worth about $145,000. SkyView Investment Advisors LLC purchased a new stake in First Horizon in the first quarter worth about $133,000. Quarry LP purchased a new stake in First Horizon in the first quarter worth about $89,000. Finally, Advisory Services Network LLC purchased a new stake in First Horizon in the fourth quarter worth about $87,000. 80.28% of the stock is owned by hedge funds and other institutional investors.
First Horizon Company Profile
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.
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