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

First Horizon Co. (NYSE:FHNFree Report) – Analysts at Wedbush boosted their Q3 2024 earnings per share estimates for First Horizon in a research note issued to investors on Wednesday, April 17th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $0.38 for the quarter, up from their prior estimate 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 $1.50 per share. Wedbush also issued estimates for First Horizon’s FY2024 earnings at $1.48 EPS.

Several other brokerages have also recently issued reports on FHN. Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Friday. Evercore ISI raised their price objective on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. raised their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Finally, UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

Check Out Our Latest Report on FHN

First Horizon Trading Up 2.5 %

First Horizon stock opened at $14.63 on Friday. First Horizon has a one year low of $8.99 and a one year high of $18.99. The stock has a market cap of $8.12 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 3.93 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a 50-day moving average of $14.55 and a two-hundred day moving average of $13.39.

First Horizon (NYSE:FHNGet Free Report) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the business posted $0.46 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year.

Hedge Funds Weigh In On First Horizon

Institutional investors and hedge funds have recently modified their holdings of the business. Macroview Investment Management LLC purchased a new position in shares of First Horizon in the 3rd quarter valued at about $25,000. Rise Advisors LLC purchased a new position in shares of First Horizon in the 1st quarter valued at about $25,000. Raleigh Capital Management Inc. purchased a new position in shares of First Horizon in the 4th quarter valued at about $28,000. Fortitude Family Office LLC increased its stake in shares of First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in First Horizon in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a $0.15 dividend. 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%.

About First Horizon

(Get Free Report)

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.

Featured Articles

Earnings History and Estimates for First Horizon (NYSE:FHN)

Receive News & Ratings for First Horizon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon and related companies with MarketBeat.com's FREE daily email newsletter.