Shares of Tennessee-based financial holding firm First Horizon (FHN) closed 5.5% lower on Friday despite its robust financial results for the second quarter. The company offers trading, insurance, wealth management and banking services.
Total revenue increased 53% year-over-year to $781 million, beating the Street’s estimates of $771 million. (See First Horizon stock chart on TipRanks)
Adjusted earnings per share (EPS) totaled $0.58, up from $0.20 in the second quarter last year.
The EPS also beat analysts’ expectations of $0.43.
The President and CEO of First Horizon, Bryan Jordan, said, “We remain focused on controlling the things we can control, including expenses and deposit pricing and making investments that drive future growth. We are seeing increasing loan pipeline growth and expect demand and economic growth to pick up in the back half of the year as the economy continues to normalize.”
Last week, RBC Capital analyst Jon Arfstrom reiterated a Hold rating on the stock with a price target of $18 (15.7% upside potential)....read more...