Schroder Investment Management Group boosted its holdings in shares of First Horizon National Corp (NYSE:FHN) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,429,696 shares of the financial services provider’s stock after acquiring an additional 505,605 shares during the quarter. Schroder Investment Management Group owned about 1.66% of First Horizon National worth $108,540,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of FHN. Bank of New York Mellon Corp lifted its holdings in First Horizon National by 20.5% during the 4th quarter. Bank of New York Mellon Corp now owns 4,927,096 shares of the financial services provider’s stock worth $98,492,000 after buying an additional 837,941 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of First Horizon National by 9.4% in the 4th quarter. Rhumbline Advisers now owns 535,218 shares of the financial services provider’s stock valued at $10,699,000 after purchasing an additional 45,805 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of First Horizon National in the 4th quarter valued at about $9,572,000. FSI Group LLC purchased a new stake in shares of First Horizon National in the 4th quarter valued at about $5,827,000. Finally, Arizona State Retirement System lifted its holdings in shares of First Horizon National by 76.1% in the 4th quarter. Arizona State Retirement System now owns 233,634 shares of the financial services provider’s stock valued at $4,670,000 after purchasing an additional 100,958 shares during the last quarter. 72.85% of the stock is owned by institutional investors and hedge funds.
In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of First Horizon National stock in a transaction that occurred on 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 owns 56,220 shares in the company, valued at $1,142,390.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.09% of the stock is owned by company insiders.
Shares of First Horizon National Corp (FHN) traded up $0.35 during mid-day trading on Friday, hitting $19.51. 1,726,036 shares of the stock traded hands, compared to its average volume of 3,119,425. First Horizon National Corp has a twelve month low of $15.84 and a twelve month high of $20.86. The company has a market capitalization of $6,260.26, a PE ratio of 28.28, a price-to-earnings-growth ratio of 1.93 and a beta of 0.98. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27.
First Horizon National (NYSE:FHN) last posted its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 EPS for the quarter, beating the Zacks’ 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 business’s revenue for the quarter was up 17.4% on a year-over-year basis. equities research analysts expect that First Horizon National Corp will post 1.42 earnings per share for the current fiscal year.
First Horizon National declared that its board has approved a share repurchase program on Tuesday, January 23rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, March 8th. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio (DPR) is currently 52.17%.
Several equities analysts recently issued reports on the company. Barclays reissued an “equal weight” rating and set a $21.00 price target on shares of First Horizon National in a research note on Monday, December 4th. Zacks Investment Research lowered First Horizon National from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Raymond James Financial raised First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 target price on the stock in a research note on Wednesday, November 8th. Hovde Group set a $22.00 price target on First Horizon National and gave the stock a “hold” rating in a research note on Monday, January 22nd. Finally, UBS Group raised First Horizon National from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. First Horizon National has a consensus rating of “Buy” and a consensus price target of $22.11.
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First Horizon National Company Profile
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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