First Horizon (NYSE:FHN) Issues Earnings Results, Beats Estimates By $0.04 EPS

First Horizon (NYSE:FHN) released its earnings results on Wednesday. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04, FiscalAI reports. The business had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.

First Horizon Stock Down 0.3%

Shares of NYSE:FHN opened at $24.24 on Wednesday. The stock’s 50-day moving average price is $23.64 and its 200-day moving average price is $23.15. First Horizon has a 12-month low of $16.44 and a 12-month high of $26.56. The stock has a market capitalization of $11.58 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, March 13th. First Horizon’s payout ratio is 36.17%.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its holdings in shares of First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the period. Federated Hermes Inc. boosted its holdings in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC boosted its holdings in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the period. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on FHN. JPMorgan Chase & Co. reduced their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Raymond James Financial increased their target price on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Barclays reduced their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Finally, Truist Financial set a $27.00 target price on First Horizon in a research note on Friday, January 9th. Eight equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $26.45.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.