$740.52 Million in Sales Expected for First Horizon Co. (NYSE:FHN) This Quarter

Equities research analysts expect that First Horizon Co. (NYSE:FHN) will announce sales of $740.52 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for First Horizon’s earnings, with estimates ranging from $736.60 million to $742.90 million. First Horizon reported sales of $1.36 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 45.6%. The firm is expected to issue its next quarterly earnings results before the market opens on Wednesday, October 20th.

On average, analysts expect that First Horizon will report full year sales of $3.06 billion for the current fiscal year, with estimates ranging from $3.05 billion to $3.07 billion. For the next fiscal year, analysts expect that the business will post sales of $2.92 billion, with estimates ranging from $2.84 billion to $3.07 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for First Horizon.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, July 15th. The financial services provider reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.15. The business had revenue of $782.00 million during the quarter, compared to analyst estimates of $767.63 million. First Horizon had a net margin of 33.31% and a return on equity of 13.95%. During the same period in the prior year, the firm posted $0.20 earnings per share.

FHN has been the subject of several analyst reports. Hovde Group upgraded First Horizon from a “market perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a report on Wednesday, June 23rd. Zacks Investment Research upgraded First Horizon from a “sell” rating to a “hold” rating and set a $16.00 price target on the stock in a research note on Tuesday, July 20th. Raymond James initiated coverage on shares of First Horizon in a research report on Friday, July 16th. They issued a “buy” rating and a $20.00 price objective for the company. Morgan Stanley lowered their target price on shares of First Horizon from $21.00 to $19.50 and set an “equal weight” rating for the company in a research note on Monday, August 2nd. Finally, UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and cut their price target for the company from $20.00 to $17.00 in a research note on Wednesday, September 8th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of “Buy” and an average price target of $17.42.

In related news, CFO William C. Losch III sold 22,684 shares of the firm’s stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $15.66, for a total transaction of $355,231.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.63% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Bank of America Corp DE grew its stake in shares of First Horizon by 36.7% during the 2nd quarter. Bank of America Corp DE now owns 6,527,071 shares of the financial services provider’s stock worth $112,787,000 after purchasing an additional 1,750,879 shares during the period. Leelyn Smith LLC acquired a new stake in First Horizon during the second quarter valued at $42,000. Mariner LLC increased its holdings in First Horizon by 3.6% in the second quarter. Mariner LLC now owns 32,312 shares of the financial services provider’s stock valued at $558,000 after buying an additional 1,137 shares in the last quarter. Morgan Stanley raised its position in shares of First Horizon by 118.3% in the second quarter. Morgan Stanley now owns 1,140,113 shares of the financial services provider’s stock worth $19,702,000 after acquiring an additional 617,768 shares during the period. Finally, Advisor Resource Council purchased a new stake in shares of First Horizon during the 2nd quarter worth about $1,263,000. 80.94% of the stock is owned by institutional investors.

FHN traded down $0.17 during trading on Thursday, hitting $14.83. The stock had a trading volume of 3,182,221 shares, compared to its average volume of 5,642,182. The stock has a 50 day simple moving average of $15.76 and a two-hundred day simple moving average of $17.09. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a twelve month low of $8.53 and a twelve month high of $19.45. The company has a market capitalization of $8.15 billion, a PE ratio of 6.45 and a beta of 1.51.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 10th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, September 9th. First Horizon’s payout ratio is 49.18%.

First Horizon Company Profile

First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through four segments: Regional Banking, Specialty Banking, and Corporate.

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

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