First Horizon (NYSE:FHN) Reaches New 52-Week High on Better-Than-Expected Earnings

First Horizon Co. (NYSE:FHN) shares hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $17.61 and last traded at $17.37, with a volume of 3540910 shares changing hands. The stock had previously closed at $16.71.

The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the business posted $0.27 EPS.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.15 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.44%. First Horizon’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FHN. Royal Bank of Canada raised their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday. Jefferies Financial Group lifted their target price on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday. Evercore ISI cut their price objective on First Horizon from $18.50 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $17.69.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in First Horizon by 76.7% in the 3rd quarter. Blue Trust Inc. now owns 21,940 shares of the financial services provider’s stock worth $346,000 after buying an additional 9,522 shares during the period. KMG Fiduciary Partners LLC lifted its position in shares of First Horizon by 0.6% in the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock valued at $2,333,000 after acquiring an additional 952 shares in the last quarter. nVerses Capital LLC bought a new position in shares of First Horizon in the third quarter worth about $554,000. Exchange Traded Concepts LLC purchased a new stake in shares of First Horizon during the third quarter worth about $1,730,000. Finally, Inspire Investing LLC raised its stake in First Horizon by 18.4% during the 3rd quarter. Inspire Investing LLC now owns 26,446 shares of the financial services provider’s stock valued at $411,000 after purchasing an additional 4,101 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Up 0.3 %

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $9.53 billion, a PE ratio of 12.19, a PEG ratio of 1.27 and a beta of 0.88. The stock has a fifty day moving average of $15.83 and a 200 day moving average of $15.56.

First Horizon Company Profile

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.