First Horizon (NYSE:FHN) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

First Horizon (NYSE:FHN - Get Free Report) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04, Zacks reports. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the company posted $0.36 earnings per share.

First Horizon Stock Up 2.5%

Shares of NYSE:FHN traded up $0.54 during trading on Thursday, hitting $22.20. The company's stock had a trading volume of 8,165,943 shares, compared to its average volume of 6,023,246. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $22.44. The business has a 50 day moving average price of $20.44 and a two-hundred day moving average price of $19.96. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $11.26 billion, a PE ratio of 15.39, a P/E/G ratio of 1.06 and a beta of 0.61.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's dividend payout ratio (DPR) is currently 41.67%.

Institutional Investors Weigh In On First Horizon

A hedge fund recently raised its stake in First Horizon stock. Goldman Sachs Group Inc. raised its position in First Horizon Corporation (NYSE:FHN - Free Report) by 102.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,709,434 shares of the financial services provider's stock after acquiring an additional 865,109 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.34% of First Horizon worth $33,197,000 as of its most recent SEC filing. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FHN has been the subject of several recent research reports. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a report on Sunday, June 22nd. Keefe, Bruyette & Woods lowered their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on shares of First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

About First Horizon

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.