First Horizon (NYSE:FHN) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

First Horizon (NYSE:FHN) released its quarterly earnings results on Wednesday. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01, RTT News reports. The company had revenue of $819.00 million for 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 previous year, the business posted $0.46 earnings per share.

First Horizon Price Performance

Shares of NYSE:FHN opened at $14.28 on Friday. 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 twelve month low of $8.99 and a twelve month high of $18.99. The stock’s 50 day moving average is $14.53 and its 200-day moving average is $13.34. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 4.00 and a beta of 0.94.

First Horizon Announces Dividend

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 $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.20%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Robert W. Baird lifted their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Finally, Evercore ISI lifted their price objective on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.15.

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

Hedge Funds Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of FHN. Lazard Asset Management LLC acquired a new position in shares of First Horizon during the second quarter worth approximately $31,000. Cubist Systematic Strategies LLC acquired a new position in shares of First Horizon during the third quarter worth approximately $39,000. FWL Investment Management LLC acquired a new position in shares of First Horizon during the fourth quarter worth approximately $39,000. Compass Wealth Management LLC acquired a new position in shares of First Horizon during the fourth quarter worth approximately $49,000. Finally, Ancora Advisors LLC raised its position in shares of First Horizon by 115.5% during the first quarter. Ancora Advisors LLC now owns 3,526 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 1,890 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

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.