Wedbush Comments on First Horizon Co.'s FY2024 Earnings (NYSE:FHN)

First Horizon Co. (NYSE:FHN - Free Report) - Investment analysts at Wedbush decreased their FY2024 EPS estimates for shares of First Horizon in a report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $1.44 per share for the year, down from their previous forecast of $1.45. Wedbush currently has a "Neutral" 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 Q4 2024 earnings at $0.36 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.35 EPS, Q3 2025 earnings at $0.35 EPS, Q4 2025 earnings at $0.36 EPS and FY2025 earnings at $1.40 EPS.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $819.82 million. During the same quarter in the previous year, the business posted $0.39 EPS.

A number of other analysts have also issued reports on FHN. Barclays lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Robert W. Baird restated a "neutral" rating and issued a $16.00 price target on shares of First Horizon in a research note on Tuesday, August 6th. Jefferies Financial Group lifted their price target on shares of First Horizon from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Wednesday, July 3rd. Finally, Evercore ISI dropped their price target on shares of First Horizon from $19.50 to $18.50 and set an "outperform" rating for the company in a research note on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.38.

First Horizon Stock Down 0.2 %

Shares of FHN traded down $0.03 during mid-day trading on Wednesday, reaching $15.25. 7,894,038 shares of the stock traded hands, compared to its average volume of 6,571,022. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 3.17 and a beta of 0.88. The stock has a fifty day simple moving average of $15.90 and a 200 day simple moving average of $15.46. First Horizon has a 12-month low of $10.08 and a 12-month high of $17.46. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.93%. The ex-dividend date is Friday, September 13th. First Horizon's payout ratio is currently 41.96%.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently bought and sold shares of FHN. Bank of New York Mellon Corp raised its position in First Horizon by 224.4% in the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider's stock worth $439,186,000 after acquiring an additional 19,728,357 shares in the last quarter. Millennium Management LLC raised its holdings in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock worth $226,626,000 after buying an additional 4,558,129 shares during the period. LSV Asset Management raised its holdings in First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider's stock worth $205,340,000 after buying an additional 4,434,929 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in First Horizon during the 2nd quarter worth about $66,779,000. Finally, Junto Capital Management LP acquired a new stake in First Horizon during the 4th quarter worth about $52,721,000. 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.