Wall Street analysts expect First Horizon National Corp (NYSE:FHN) to report sales of $446.27 million for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for First Horizon National’s earnings. The highest sales estimate is $485.80 million and the lowest is $428.40 million. First Horizon National reported sales of $306.65 million in the same quarter last year, which indicates a positive year over year growth rate of 45.5%. The company is expected to issue its next earnings results on Thursday, April 12th.
On average, analysts expect that First Horizon National will report full year sales of $446.27 million for the current year, with estimates ranging from $1.79 billion to $2.00 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.97 billion per share, with estimates ranging from $1.89 billion to $2.09 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow First Horizon National.
First Horizon National (NYSE:FHN) last announced its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The firm had revenue of $375.30 million during the quarter, compared to analysts’ expectations of $368.93 million. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.23 EPS.
Several analysts have weighed in on FHN shares. UBS Group raised First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Raymond James Financial upgraded First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 target price for the company in a research report on Wednesday, November 8th. Barclays restated an “equal weight” rating and set a $21.00 target price on shares of First Horizon National in a research report on Monday, December 4th. Royal Bank of Canada restated a “hold” rating and set a $22.00 target price on shares of First Horizon National in a research report on Tuesday, December 5th. Finally, Morgan Stanley boosted their target price on First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $22.11.
In other news, Director Peter N. Foss sold 30,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was 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 directly owns 56,220 shares in the company, valued at approximately $1,142,390.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.09% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of FHN. PNC Financial Services Group Inc. grew its position in shares of First Horizon National by 2.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 286 shares during the period. Janus Henderson Group PLC acquired a new position in shares of First Horizon National in the 2nd quarter valued at approximately $4,431,000. Gotham Asset Management LLC grew its position in shares of First Horizon National by 6.6% in the 2nd quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 873 shares during the period. State Street Corp grew its position in shares of 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 period. Finally, The Manufacturers Life Insurance Company grew its position in shares of First Horizon National by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 344,161 shares of the financial services provider’s stock valued at $5,995,000 after purchasing an additional 6,069 shares during the period. Institutional investors and hedge funds own 64.88% of the company’s stock.
Shares of First Horizon National (FHN) traded up $0.53 during trading hours on Friday, reaching $19.59. The company’s stock had a trading volume of 2,952,640 shares, compared to its average volume of 3,770,000. The company has a market cap of $6,400.00, a PE ratio of 27.99, a P/E/G ratio of 1.92 and a beta of 0.98. First Horizon National has a 12-month low of $15.84 and a 12-month high of $20.86. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be given a dividend of $0.12 per share. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s payout ratio is presently 51.43%.
First Horizon National declared that its board has initiated a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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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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