Wedbush Analysts Increase Earnings Estimates for First Horizon Co. (NYSE:FHN)

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

Several other equities analysts have also commented on FHN. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. Evercore ISI boosted their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Wells Fargo & Company upped their price objective on shares of First Horizon from $11.50 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 6th. Finally, UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and raised their target price for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.92.

View Our Latest Analysis on First Horizon

First Horizon Stock Up 0.5 %

Shares of First Horizon stock opened at $15.40 on Thursday. The company has a fifty day moving average price of $14.45 and a 200 day moving average price of $13.02. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 4.43 and a beta of 0.93.

First Horizon (NYSE:FHNGet Free Report) last issued its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same period last year, the company posted $0.51 EPS.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after purchasing an additional 7,682,480 shares during the period. Norges Bank acquired a new position in shares of First Horizon during the fourth quarter worth approximately $86,487,000. North Reef Capital Management LP boosted its position in shares of First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after buying an additional 5,158,750 shares during the period. LSV Asset Management grew its holdings in First Horizon by 807.7% in the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after buying an additional 4,882,709 shares in the last quarter. Finally, Scout Investments Inc. acquired a new stake in First Horizon in the 2nd quarter valued at approximately $59,327,000. Institutional investors own 80.28% of the company’s stock.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued 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 is Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is 39.22%.

About First Horizon

(Get Free Report)

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.

Read More

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

Receive News & Ratings for First Horizon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon and related companies with MarketBeat.com's FREE daily email newsletter.