Analysts Offer Predictions for First Horizon Co.’s Q3 2024 Earnings (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Equities research analysts at Wedbush raised their Q3 2024 EPS estimates for First Horizon in a research note issued on Wednesday, April 17th. Wedbush analyst D. Chiaverini now anticipates 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 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.

Several other research firms also recently weighed in on FHN. Robert W. Baird upped their price target on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. JPMorgan Chase & Co. boosted their price target on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Evercore ISI raised their price objective on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Finally, Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Stock Performance

NYSE FHN opened at $14.28 on Friday. The business has a 50-day moving average price of $14.53 and a 200-day moving average price of $13.34. The firm has a market cap of $7.92 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 4.00 and a beta of 0.94. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the prior year, the firm posted $0.46 EPS. First Horizon’s quarterly revenue was down 4.7% compared to the same quarter last year.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Macroview Investment Management LLC bought a new position in shares of First Horizon during the third quarter valued at approximately $25,000. Rise Advisors LLC purchased a new position in First Horizon during the 1st quarter valued at $25,000. Raleigh Capital Management Inc. bought a new position in First Horizon in the 4th quarter valued at $28,000. Fortitude Family Office LLC increased its stake in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares during the period. Finally, Lazard Asset Management LLC bought a new position in First Horizon in the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.20%. The ex-dividend date was Thursday, March 14th. First Horizon’s payout ratio is 41.96%.

First Horizon declared that its board has approved a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are 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.