First Horizon (NYSE:FHN) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Horizon (NYSE:FHN) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02, RTT News reports. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The firm had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the prior year, the business posted $0.35 earnings per share.

First Horizon Price Performance

NYSE:FHN opened at $17.25 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $19.43 and its 200 day moving average price is $19.48. First Horizon has a 52-week low of $13.93 and a 52-week high of $22.44. The firm has a market cap of $8.87 billion, a P/E ratio of 12.68, a PEG ratio of 1.19 and a beta of 0.60.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FHN shares. Wells Fargo & Company cut their price target on shares of First Horizon from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Raymond James cut their target price on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Robert W. Baird raised First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a report on Monday, April 7th. Baird R W upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Citigroup upped their price target on First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.30.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company’s stock.

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.