First Horizon Nationwide (FHN) got here out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.46 per share a 12 months in the past. These figures are adjusted for non-recurring gadgets.
This quarterly report represents an earnings shock of two.94%. 1 / 4 in the past, it was anticipated that this financial institution holding firm would publish earnings of $0.31 per share when it really produced earnings of $0.32, delivering a shock of three.23%.
Over the past 4 quarters, the corporate has surpassed consensus EPS estimates 4 occasions.
First Horizon
The sustainability of the inventory’s rapid value motion primarily based on the recently-released numbers and future earnings expectations will largely depend upon administration’s commentary on the earnings name.
First Horizon shares have misplaced about 1.8% because the starting of the 12 months versus the S&P 500’s achieve of 5.9%.
What’s Subsequent for First Horizon?
Whereas First Horizon has underperformed the market up to now this 12 months, the query that involves buyers’ minds is: what’s subsequent for the inventory?
There aren’t any straightforward solutions to this key query, however one dependable measure that may assist buyers deal with that is the corporate’s earnings outlook. Not solely does this embody present consensus earnings expectations for the approaching quarter(s), but additionally how these expectations have modified recently.
Empirical analysis exhibits a powerful correlation between near-term inventory actions and tendencies in earnings estimate revisions. Traders can monitor such revisions by themselves or depend on a tried-and-tested score device just like the Zacks Rank, which has a powerful monitor document of harnessing the facility of earnings estimate revisions.
Forward of this earnings release, the estimate revisions pattern for First Horizon: blended. Whereas the magnitude and course of estimate revisions might change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Maintain) for the inventory. So, the shares are anticipated to carry out in step with the market within the close to future. You possibly can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It is going to be attention-grabbing to see how estimates for the approaching quarters and present fiscal 12 months change within the days forward. The present consensus EPS estimate is $0.35 on $821.96 million in revenues for the approaching quarter and $1.45 on $3.33 billion in revenues for the present fiscal 12 months.
Traders ought to be conscious of the truth that the outlook for the business can have a cloth impression on the efficiency of the inventory as nicely. By way of the Zacks Business Rank, Banks – Southwest is presently within the prime 32% of the 250 plus Zacks industries. Our analysis exhibits that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
One different inventory from the identical business, First Basis (FFWM), is but to report outcomes for the quarter ended March 2024. The outcomes are anticipated to be launched on April 25.
This wealth supervisor and business financial institution is predicted to publish quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -93.3%. The consensus EPS estimate for the quarter has been revised 8.3% decrease over the past 30 days to the present degree.
First Basis’s revenues are anticipated to be $58.93 million, down 16.4% from the year-ago quarter.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
