First Horizon Co. (NYSE:FHN) Forecasted to Post Q3 2024 Earnings of $0.38 Per Share

First Horizon Co. (NYSE:FHN) – Equities research analysts at Wedbush raised their Q3 2024 earnings per share (EPS) estimates for shares of 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 forecast of $0.37. Wedbush currently has a “Outperform” rating and a $17.00 target price 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.

Several other brokerages also recently issued reports on FHN. JPMorgan Chase & Co. lifted their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Robert W. Baird lifted their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Friday. Finally, Wells Fargo & Company boosted their price target on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Trading Up 2.4 %

Shares of First Horizon stock opened at $14.62 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.94. First Horizon has a 1 year low of $8.99 and a 1 year high of $18.99. The company has a market capitalization of $8.11 billion, a P/E ratio of 10.22, a P/E/G ratio of 4.00 and a beta of 0.94. The business has a 50 day moving average price of $14.55 and a 200 day moving average price of $13.37.

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

First Horizon announced that its Board of Directors has initiated 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 repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

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

Institutional Trading of First Horizon

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of First Horizon by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after buying an additional 2,276,977 shares during the period. California Public Employees Retirement System grew its stake in shares of First Horizon by 16.0% during the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after buying an additional 137,525 shares during the period. Lecap Asset Management Ltd. purchased a new stake in shares of First Horizon during the 4th quarter valued at $1,019,000. Louisiana State Employees Retirement System purchased a new stake in First Horizon during the 4th quarter worth $2,222,000. Finally, Qsemble Capital Management LP acquired a new stake in First Horizon in the 3rd quarter valued at $1,189,000. 80.28% of the stock is owned by hedge funds and other 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.