Shares of First Horizon National Co. (NYSE:FHN) have earned a consensus recommendation of “Buy” from the seventeen research firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $22.09.
FHN has been the subject of a number of analyst reports. Barclays boosted their target price on shares of First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Vining Sparks upgraded shares of First Horizon National to a “buy” rating and set a $25.00 target price for the company in a research note on Monday, January 8th. Zacks Investment Research upgraded shares of First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 target price for the company in a research note on Tuesday, January 9th. Hovde Group set a $22.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a research note on Monday, January 22nd. Finally, UBS initiated coverage on shares of First Horizon National in a research note on Thursday, March 22nd. They set a “buy” rating and a $25.00 target price for the company.
In other First Horizon National news, insider Michael E. Kisber sold 160,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $20.00, for a total value of $3,200,000.00. Following the completion of the transaction, the insider now owns 568,904 shares in the company, valued at $11,378,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter N. Foss sold 30,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the transaction, the director now owns 56,220 shares of the company’s stock, valued at approximately $1,142,390.40. The disclosure for this sale can be found here. Insiders sold 257,096 shares of company stock valued at $5,156,207 in the last 90 days. 1.75% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Franklin Resources Inc. boosted its stake in First Horizon National by 149.5% in the fourth quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock valued at $318,083,000 after acquiring an additional 9,534,594 shares in the last quarter. BlackRock Inc. boosted its stake in First Horizon National by 27.3% in the fourth quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock valued at $586,064,000 after acquiring an additional 6,279,990 shares in the last quarter. Oak Hill Capital Management LLC acquired a new position in First Horizon National in the fourth quarter valued at $107,835,000. Goldman Sachs Group Inc. boosted its stake in First Horizon National by 93.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock valued at $153,125,000 after acquiring an additional 3,709,208 shares in the last quarter. Finally, NWQ Investment Management Company LLC boosted its stake in First Horizon National by 71.1% in the fourth quarter. NWQ Investment Management Company LLC now owns 4,511,778 shares of the financial services provider’s stock valued at $90,190,000 after acquiring an additional 1,875,082 shares in the last quarter. Institutional investors own 82.92% of the company’s stock.
First Horizon National stock opened at $18.65 on Friday. First Horizon National has a twelve month low of $15.84 and a twelve month high of $20.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92. The firm has a market cap of $6,046.42, a PE ratio of 15.04, a P/E/G ratio of 1.82 and a beta of 0.99.
First Horizon National (NYSE:FHN) last posted its quarterly earnings data on Friday, April 13th. The financial services provider reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.04. First Horizon National had a return on equity of 9.37% and a net margin of 12.30%. The business had revenue of $437.20 million for the quarter, compared to analyst estimates of $438.60 million. During the same quarter in the prior year, the company earned $0.23 earnings per share. The company’s revenue was up 42.6% on a year-over-year basis. analysts predict that First Horizon National will post 1.45 EPS for the current year.
First Horizon National declared that its board has initiated a stock repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Friday, March 9th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.57%. The ex-dividend date was Thursday, March 8th. This is an increase from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio is currently 43.24%.
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About First Horizon National
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. It operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. The company offers general banking services for consumers, businesses, financial institutions, and governments.
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