First Horizon (NYSE:FHN) Issues Quarterly Earnings Results

First Horizon (NYSE:FHN) released its earnings results on Wednesday. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01, RTT News reports. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. 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 firm posted $0.46 EPS. The firm’s quarterly revenue was down 4.7% on a year-over-year basis.

First Horizon Trading Up 2.2 %

Shares of First Horizon stock traded up $0.31 during trading hours on Friday, reaching $14.59. 1,221,305 shares of the company’s stock were exchanged, compared to its average volume of 7,102,434. First Horizon has a 52-week low of $8.99 and a 52-week high of $18.99. The firm has a market capitalization of $8.10 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 4.00 and a beta of 0.94. The company has a fifty day moving average of $14.53 and a 200-day moving average of $13.34. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders 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 4.11%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 41.96%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Lazard Asset Management LLC purchased a new position in shares of First Horizon during the 2nd quarter worth $31,000. Cubist Systematic Strategies LLC purchased a new position in shares of First Horizon in the 3rd quarter worth $39,000. FWL Investment Management LLC purchased a new position in shares of First Horizon in the 4th quarter worth $39,000. Compass Wealth Management LLC purchased a new position in shares of First Horizon in the 4th quarter worth $49,000. Finally, Ancora Advisors LLC raised its position in shares of First Horizon by 115.5% in the 1st quarter. Ancora Advisors LLC now owns 3,526 shares of the financial services provider’s stock worth $60,000 after buying an additional 1,890 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Barclays assumed coverage on First Horizon in a report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target on the stock. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Wedbush restated an “outperform” rating and issued a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. Finally, Wells Fargo & Company upped their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $16.15.

About First Horizon

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.