First Manhattan Co. lowered its position in shares of First Horizon National Corp (NYSE:FHN) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 140,129 shares of the financial services provider’s stock after selling 11,668 shares during the quarter. First Manhattan Co.’s holdings in First Horizon National were worth $1,959,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Weiss Multi Strategy Advisers LLC boosted its position in shares of First Horizon National by 90.0% in the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 475,000 shares of the financial services provider’s stock valued at $6,251,000 after purchasing an additional 225,000 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of First Horizon National by 19.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 138,184 shares of the financial services provider’s stock valued at $1,819,000 after purchasing an additional 22,343 shares during the period. Municipal Employees Retirement System of Michigan acquired a new position in shares of First Horizon National in the 4th quarter valued at $1,028,000. Vanguard Group Inc. boosted its position in shares of First Horizon National by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 30,152,044 shares of the financial services provider’s stock valued at $520,425,000 after purchasing an additional 458,506 shares during the period. Finally, Pennsylvania Trust Co boosted its position in shares of First Horizon National by 47.6% in the 4th quarter. Pennsylvania Trust Co now owns 139,500 shares of the financial services provider’s stock valued at $1,836,000 after purchasing an additional 45,000 shares during the period. 90.27% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE FHN opened at $14.32 on Tuesday. First Horizon National Corp has a one year low of $12.30 and a one year high of $19.75. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.47 and a beta of 1.19. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.92.
First Horizon National (NYSE:FHN) last announced its quarterly earnings data on Friday, January 18th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). First Horizon National had a return on equity of 10.22% and a net margin of 24.02%. The business had revenue of $412.80 million for the quarter, compared to analyst estimates of $443.30 million. During the same quarter in the previous year, the business posted ($0.20) earnings per share. The company’s revenue was up 10.0% compared to the same quarter last year. Equities analysts expect that First Horizon National Corp will post 1.51 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from First Horizon National’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 3.91%. First Horizon National’s dividend payout ratio (DPR) is presently 39.72%.
A number of research firms recently weighed in on FHN. Zacks Investment Research lowered First Horizon National from a “hold” rating to a “sell” rating in a research report on Friday, March 8th. TheStreet lowered First Horizon National from a “b-” rating to a “c+” rating in a research report on Thursday, December 27th. Jefferies Financial Group lowered First Horizon National from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. Robert W. Baird assumed coverage on First Horizon National in a research report on Thursday, December 20th. They set a “neutral” rating for the company. Finally, Bank of America lowered First Horizon National from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 22nd. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. First Horizon National currently has an average rating of “Hold” and a consensus target price of $20.00.
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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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