First Horizon National Corp (NYSE:FHN) – Jefferies Group decreased their Q4 2017 earnings estimates for shares of First Horizon National in a report issued on Monday, Zacks Investment Research reports. Jefferies Group analyst C. Haire now forecasts that the financial services provider will earn $0.28 per share for the quarter, down from their prior estimate of $0.29. Jefferies Group also issued estimates for First Horizon National’s FY2018 earnings at $1.45 EPS and FY2019 earnings at $1.63 EPS.
Several other brokerages have also issued reports on FHN. Hovde Group lifted their target price on shares of First Horizon National from $20.00 to $21.00 and gave the company a “market perform” rating in a research report on Monday, October 16th. Raymond James Financial upgraded shares of First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a research report on Wednesday, November 8th. Royal Bank of Canada restated a “hold” rating and set a $22.00 price target on shares of First Horizon National in a research report on Tuesday, December 5th. Vining Sparks upgraded shares of First Horizon National to a “buy” rating and set a $25.00 price target on the stock in a research report on Monday, January 8th. Finally, Barclays restated an “equal weight” rating and set a $21.00 price target on shares of First Horizon National in a research report on Monday, December 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and three have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.11.
Shares of First Horizon National (NYSE:FHN) traded down $0.18 during midday trading on Tuesday, hitting $19.95. 2,840,000 shares of the stock traded hands, compared to its average volume of 3,330,000. First Horizon National has a 1-year low of $15.84 and a 1-year high of $20.86. The firm has a market capitalization of $6,490.00, a price-to-earnings ratio of 28.50, a price-to-earnings-growth ratio of 2.00 and a beta of 0.98. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.
First Horizon National (NYSE:FHN) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.01. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The business had revenue of $375.30 million for the quarter, compared to analyst estimates of $368.93 million. During the same quarter last year, the business earned $0.23 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.41%. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s payout ratio is presently 51.43%.
First Horizon National announced that its board has initiated a share repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the transaction, the director now directly owns 56,220 shares in the company, valued at approximately $1,142,390.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.09% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in First Horizon National by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 19,672,261 shares of the financial services provider’s stock valued at $342,691,000 after purchasing an additional 435,264 shares during the last quarter. State Street Corp boosted its holdings in First Horizon National by 6.4% in the 2nd quarter. State Street Corp now owns 14,203,778 shares of the financial services provider’s stock valued at $247,425,000 after purchasing an additional 850,609 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in First Horizon National by 2.2% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 12,296,061 shares of the financial services provider’s stock valued at $235,470,000 after purchasing an additional 264,035 shares during the last quarter. Franklin Resources Inc. boosted its holdings in First Horizon National by 6.3% in the 2nd quarter. Franklin Resources Inc. now owns 5,884,000 shares of the financial services provider’s stock valued at $102,499,000 after purchasing an additional 349,900 shares during the last quarter. Finally, Parnassus Investments CA boosted its holdings in First Horizon National by 8.6% in the 3rd quarter. Parnassus Investments CA now owns 5,654,568 shares of the financial services provider’s stock valued at $108,285,000 after purchasing an additional 446,174 shares during the last quarter. Institutional investors own 89.56% of the company’s stock.
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About First Horizon National
First Horizon National Corporation (FHN) is a bank holding company. The Company provides financial services through its subsidiary, First Tennessee Bank National Association (the Bank). The Company has four segments: regional banking, fixed income, corporate and non-strategic. The Company’s regional banking segment offers financial products and services, including traditional lending and deposit taking, to retail and commercial customers in Tennessee and other selected markets.
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