First Horizon (NYSE:FHN) Issues Earnings Results

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

First Horizon Trading Down 0.2%

Shares of NYSE:FHN opened at $25.78 on Wednesday. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $12.24 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.00 and a beta of 0.60. The company has a 50 day moving average of $24.72 and a 200-day moving average of $24.25.

First Horizon Announces Dividend

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

Analysts Set New Price Targets

FHN has been the topic of several research reports. Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Evercore set a $27.00 price objective on First Horizon in a research note on Monday, July 6th. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their target price for the company from $29.00 to $25.00 in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. increased their price target on First Horizon from $26.00 to $28.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.12.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in shares of First Horizon by 102.5% in the 1st 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 period. Geneos Wealth Management Inc. increased its position in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 3,835 shares during the period. Federated Hermes Inc. raised its holdings in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after acquiring an additional 4,507 shares during the period. Finally, Cerity Partners LLC lifted its position 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 acquiring an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

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.