Wedbush Comments on First Horizon Co.’s Q4 2024 Earnings (NYSE:FHN)

First Horizon Co. (NYSE:FHNFree Report) – Equities research analysts at Wedbush raised their Q4 2024 earnings per share estimates for shares of First Horizon in a research report issued on Wednesday, April 17th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.40 per share for the quarter, up from their previous estimate of $0.39. Wedbush currently has a “Outperform” rating and a $17.00 target price on the stock. The consensus estimate for First Horizon’s current full-year earnings is $1.50 per share. Wedbush also issued estimates for First Horizon’s Q1 2025 earnings at $0.40 EPS, Q2 2025 earnings at $0.41 EPS, Q3 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.42 EPS and FY2025 earnings at $1.65 EPS.

First Horizon (NYSE:FHNGet Free Report) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS.

A number of other analysts have also recently issued reports on the company. Barclays assumed coverage on First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price for the company. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and upped their target price for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research report on Friday, April 5th. Evercore ISI upped their target price on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $16.15.

Check Out Our Latest Analysis on FHN

First Horizon Stock Up 2.5 %

Shares of NYSE FHN opened at $14.63 on Monday. The stock has a market cap of $8.12 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 4.03 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon has a 52-week low of $8.99 and a 52-week high of $18.99. The business has a 50-day moving average price of $14.55 and a 200 day moving average price of $13.41.

Hedge Funds Weigh In On First Horizon

A number of large investors have recently modified their holdings of the business. First Trust Direct Indexing L.P. raised its stake in shares of First Horizon by 6.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock worth $194,000 after buying an additional 765 shares in the last quarter. DMC Group LLC raised its stake in shares of First Horizon by 27.7% during the 1st quarter. DMC Group LLC now owns 18,023 shares of the financial services provider’s stock worth $278,000 after buying an additional 3,912 shares in the last quarter. Norden Group LLC purchased a new position in shares of First Horizon during the 1st quarter worth approximately $744,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in First Horizon by 24.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 6,500 shares in the last quarter. Finally, State of Michigan Retirement System increased its stake in First Horizon by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 137,256 shares of the financial services provider’s stock valued at $2,114,000 after purchasing an additional 3,200 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon declared that its board has authorized a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm 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 4.10%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is 41.96%.

About First Horizon

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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.

See Also

Earnings History and Estimates for First Horizon (NYSE:FHN)

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