FY2024 Earnings Estimate for First Horizon Co. Issued By Wedbush (NYSE:FHN)

First Horizon Co. (NYSE:FHN) – Analysts at Wedbush lowered their FY2024 earnings estimates for First Horizon in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $1.44 per share for the year, down from their previous forecast of $1.45. Wedbush has a “Neutral” 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 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) last posted its 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). The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the company earned $0.39 earnings per share.

FHN has been the topic of several other reports. Royal Bank of Canada increased their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Barclays upped their price target on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a report on Thursday, July 18th. Finally, Jefferies Financial Group upped their price target on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.38.

First Horizon Trading Up 0.9 %

First Horizon stock opened at $15.39 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 3.17 and a beta of 0.88. First Horizon has a one year low of $10.08 and a one year high of $17.46. The company’s fifty day moving average price is $15.86 and its two-hundred day moving average price is $15.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Janney Montgomery Scott LLC lifted its stake in First Horizon by 3.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 52,229 shares of the financial services provider’s stock worth $740,000 after purchasing an additional 1,874 shares during the period. Commerce Bank lifted its stake in First Horizon by 13.3% during the fourth quarter. Commerce Bank now owns 16,699 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 1,966 shares during the period. Orion Portfolio Solutions LLC bought a new position in First Horizon during the fourth quarter worth about $555,000. United Services Automobile Association lifted its stake in First Horizon by 9.7% during the fourth quarter. United Services Automobile Association now owns 40,936 shares of the financial services provider’s stock worth $580,000 after purchasing an additional 3,628 shares during the period. Finally, Treasurer of the State of North Carolina lifted its stake in First Horizon by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 246,551 shares of the financial services provider’s stock worth $3,491,000 after purchasing an additional 2,410 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Friday, September 13th. First Horizon’s payout ratio is presently 41.96%.

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.