Q1 2024 Earnings Estimate for First Horizon Co. Issued By Wedbush (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Equities research analysts at Wedbush boosted their Q1 2024 earnings per share (EPS) estimates for First Horizon in a research note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.34 per share for the quarter, up from their previous forecast of $0.33. The consensus estimate for First Horizon’s current full-year earnings is $1.42 per share.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same quarter in the prior year, the firm posted $0.51 EPS.

Other analysts also recently issued research reports about the stock. Citigroup initiated coverage on shares of First Horizon in a research report on Friday, December 1st. They set a “buy” rating and a $14.00 target price for the company. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Royal Bank of Canada restated a “sector perform” rating and set a $16.00 price target on shares of First Horizon in a report on Friday, January 19th. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Finally, Wells Fargo & Company increased their target price on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.92.

First Horizon Stock Performance

NYSE:FHN opened at $15.40 on Thursday. The company has a market capitalization of $8.55 billion, a PE ratio of 10.07, a P/E/G ratio of 4.28 and a beta of 0.93. The company has a 50 day simple moving average of $14.43 and a two-hundred day simple moving average of $13.00. 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 has a fifty-two week low of $8.99 and a fifty-two week high of $18.99.

Institutional Investors Weigh In On First Horizon

Large investors have recently made changes to their positions in the business. Quadrature Capital Ltd purchased a new stake in First Horizon in the 4th quarter worth about $2,371,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in First Horizon in the 4th quarter worth about $9,912,000. Vanguard Group Inc. increased its holdings in First Horizon by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 56,946,272 shares of the financial services provider’s stock worth $806,359,000 after acquiring an additional 171,222 shares during the last quarter. Greenwood Capital Associates LLC increased its holdings in First Horizon by 26.1% in the 4th quarter. Greenwood Capital Associates LLC now owns 362,656 shares of the financial services provider’s stock worth $5,135,000 after acquiring an additional 75,041 shares during the last quarter. Finally, Richardson Financial Services Inc. purchased a new stake in First Horizon in the 4th quarter worth about $35,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon’s dividend payout ratio is presently 39.22%.

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.