First Horizon (NYSE:FHN) Announces Earnings Results

First Horizon (NYSE:FHN) issued its earnings results on Thursday. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06, FiscalAI reports. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million.

First Horizon Stock Down 0.1%

FHN stock opened at $24.08 on Thursday. The stock has a market capitalization of $11.85 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 0.86 and a beta of 0.61. First Horizon has a 52 week low of $15.19 and a 52 week high of $24.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $23.11 and a 200 day moving average of $22.41.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were paid a $0.15 dividend. The ex-dividend date was Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. First Horizon’s dividend payout ratio (DPR) is 36.36%.

First Horizon declared that its Board of Directors has approved a stock buyback plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

FHN has been the subject of several recent research reports. UBS Group restated a “buy” rating and issued a $28.00 price target on shares of First Horizon in a report on Tuesday, January 6th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Raymond James Financial increased their target price on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. TD Cowen boosted their price target on First Horizon from $24.00 to $26.00 and gave the stock a “hold” rating in a research report on Wednesday, January 7th. Finally, Evercore ISI reaffirmed an “in-line” rating and set a $20.00 price objective (down previously from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average price target of $26.00.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Large investors have recently bought and sold shares of the company. Kestra Investment Management LLC lifted its holdings in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Triumph Capital Management acquired a new stake in First Horizon during the third quarter valued at approximately $77,000. CIBC Private Wealth Group LLC boosted its holdings in First Horizon by 80.1% during the third quarter. CIBC Private Wealth Group LLC now owns 5,422 shares of the financial services provider’s stock worth $123,000 after buying an additional 2,411 shares in the last quarter. Finally, Danske Bank A S bought a new stake in First Horizon during the third quarter worth approximately $124,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

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.