First Horizon (NYSE:FHN) Announces Quarterly Earnings Results

First Horizon (NYSE:FHN) announced its quarterly earnings results on Thursday. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01, FiscalAI reports. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.15 million.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $22.64 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The business’s fifty day moving average price is $24.25 and its two-hundred day moving average price is $24.52. First Horizon has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The stock has a market capitalization of $10.73 billion, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Raymond James Financial raised their price objective on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of First Horizon in a research note on Friday, September 4th. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Morgan Stanley assumed coverage on shares of First Horizon in a research report on Tuesday, September 8th. They issued an “equal weight” rating and a $30.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $27.07.

First Horizon Company Profile

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.