Wedbush Analysts Cut Earnings Estimates for First Horizon Co. (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Research analysts at Wedbush reduced their Q4 2024 EPS estimates for First Horizon in a report issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.39 per share for the quarter, down from their prior estimate of $0.40. The consensus estimate for First Horizon’s current full-year earnings is $1.42 per share. Wedbush also issued estimates for First Horizon’s Q1 2025 earnings at $0.39 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.41 EPS, Q4 2025 earnings at $0.41 EPS and FY2025 earnings at $1.60 EPS.

A number of other research analysts have also issued reports on FHN. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Evercore ISI raised their price objective on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $13.00 to $17.00 in a report on Friday, January 5th. Wells Fargo & Company increased their target price on shares of First Horizon from $11.50 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 6th. Finally, UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and increased their target price for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $14.92.

First Horizon Stock Up 0.5 %

Shares of NYSE FHN opened at $15.40 on Friday. The company has a 50 day simple moving average of $14.43 and a 200 day simple moving average of $13.00. The firm has a market cap of $8.55 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 4.43 and a beta of 0.93. First Horizon has a 1 year low of $8.99 and a 1 year high of $18.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.94.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 18th. The financial services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same quarter in the prior year, the business earned $0.51 earnings per share.

Hedge Funds Weigh In On First Horizon

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in First Horizon by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 56,946,272 shares of the financial services provider’s stock valued at $806,359,000 after acquiring an additional 171,222 shares in the last quarter. State Street Corp lifted its stake in First Horizon by 5.7% during the 2nd quarter. State Street Corp now owns 24,689,257 shares of the financial services provider’s stock valued at $281,883,000 after acquiring an additional 1,321,075 shares in the last quarter. North Reef Capital Management LP lifted its stake in First Horizon by 14.2% during the 4th quarter. North Reef Capital Management LP now owns 10,162,500 shares of the financial services provider’s stock valued at $143,901,000 after acquiring an additional 1,262,500 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Horizon by 10.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after acquiring an additional 883,503 shares in the last quarter. Finally, LSV Asset Management lifted its stake in First Horizon by 62.2% during the 4th quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock valued at $126,007,000 after acquiring an additional 3,411,600 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

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

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.