First Horizon (NYSE:FHN) Releases Earnings Results, Beats Expectations By $0.02 EPS

First Horizon (NYSE:FHN – Get Free Report) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02, FiscalAI reports. The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.

First Horizon Stock Down 0.2%

First Horizon stock opened at $25.78 on Wednesday. The stock has a market cap of $12.24 billion, a PE ratio of 12.89, a P/E/G ratio of 1.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s fifty day moving average is $24.72 and its two-hundred day moving average is $24.25. First Horizon has a 1-year low of $19.80 and a 1-year high of $26.56.

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First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a $0.17 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is currently 34.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of First Horizon by 88.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after buying an additional 3,835 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after buying an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after buying an additional 26,323 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. UBS Group cut First Horizon from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Wells Fargo & Company boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $27.12.

Check Out Our Latest Report on FHN

First Horizon Company Profile

(Get Free Report)

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.

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