Wedbush Comments on First Horizon Co.’s Q3 2024 Earnings (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Analysts at Wedbush boosted their Q3 2024 earnings per share (EPS) estimates for shares of First Horizon in a research report issued on Wednesday, April 17th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $0.38 per share for the quarter, up from their previous estimate of $0.37. Wedbush has a “Outperform” rating and a $17.00 price objective on the stock. The consensus estimate for First Horizon’s current full-year earnings is $1.46 per share. Wedbush also issued estimates for First Horizon’s FY2024 earnings at $1.48 EPS.

A number of other analysts also recently commented on FHN. Evercore ISI upped their target price on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Wells Fargo & Company upped their target price on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Robert W. Baird upped their target price on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their target price on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Stock Up 2.4 %

First Horizon stock opened at $14.62 on Friday. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market cap of $8.11 billion, a PE ratio of 10.22, a PEG ratio of 4.00 and a beta of 0.94. The business’s 50-day simple moving average is $14.55 and its two-hundred day simple moving average is $13.37.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 EPS.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC increased its holdings in shares of First Horizon by 15.6% in the first quarter. Private Advisor Group LLC now owns 29,962 shares of the financial services provider’s stock valued at $704,000 after purchasing an additional 4,036 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in shares of First Horizon by 22.9% in the first quarter. Panagora Asset Management Inc. now owns 17,303 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 3,224 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of First Horizon by 10.8% in the first quarter. Great West Life Assurance Co. Can now owns 310,733 shares of the financial services provider’s stock valued at $7,507,000 after purchasing an additional 30,189 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of First Horizon by 2.1% in the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock valued at $666,000 after purchasing an additional 575 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of First Horizon by 3,619.3% in the first quarter. Allianz Asset Management GmbH now owns 1,003,120 shares of the financial services provider’s stock valued at $23,563,000 after purchasing an additional 976,149 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.10%. First Horizon’s payout ratio is currently 41.96%.

First Horizon announced that its board has approved a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

First Horizon Company Profile

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.