Wedbush Brokers Raise Earnings Estimates for First Horizon Co. (NYSE:FHN)

First Horizon Co. (NYSE:FHN - Free Report) - Research analysts at Wedbush increased their Q3 2024 EPS estimates for First Horizon in a report released on Wednesday, April 17th. Wedbush analyst D. Chiaverini now expects 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.

FHN has been the topic of several other research reports. Evercore ISI boosted their price target on shares of First Horizon from $17.00 to $17.50 and gave the company an "outperform" rating in a research report on Thursday, March 28th. Royal Bank of Canada raised shares of First Horizon from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. StockNews.com raised shares of First Horizon from a "sell" rating to a "hold" rating in a research note on Friday. Wells Fargo & Company boosted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 10th. Finally, Raymond James raised shares of First Horizon from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the company from $13.00 to $17.00 in a research note on Friday, January 5th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.15.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.34 during midday trading on Friday, hitting $14.62. The company's stock had a trading volume of 5,108,321 shares, compared to its average volume of 7,154,283. The stock has a fifty day moving average price of $14.55 and a 200 day moving average price of $13.37. First Horizon has a one year low of $8.99 and a one year high of $18.99. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 4.00 and a beta of 0.94.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.15 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.60 annualized dividend and a yield of 4.10%. First Horizon's dividend payout ratio (DPR) is presently 41.96%.

First Horizon announced that its board has authorized a share buyback program on Tuesday, January 23rd that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. First Trust Direct Indexing L.P. grew its position in shares of First Horizon by 6.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider's stock worth $194,000 after buying an additional 765 shares during the period. DMC Group LLC grew its position in shares of First Horizon by 27.7% in the 1st quarter. DMC Group LLC now owns 18,023 shares of the financial services provider's stock worth $278,000 after buying an additional 3,912 shares during the period. Norden Group LLC purchased a new stake in shares of First Horizon in the 1st quarter worth about $744,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of First Horizon by 24.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider's stock worth $514,000 after buying an additional 6,500 shares during the period. Finally, State of Michigan Retirement System grew its position in shares of First Horizon by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 137,256 shares of the financial services provider's stock worth $2,114,000 after buying an additional 3,200 shares during the period. 80.28% of the stock is currently owned by institutional investors.

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.