Profund Advisors LLC increased its holdings in shares of First Horizon National Co. (NYSE:FHN) by 59.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,481 shares of the financial services provider’s stock after acquiring an additional 18,102 shares during the quarter. Profund Advisors LLC’s holdings in First Horizon National were worth $969,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of FHN. Exane Derivatives acquired a new position in First Horizon National in the 4th quarter valued at about $101,000. First Interstate Bank acquired a new position in First Horizon National in the 4th quarter valued at about $103,000. Cerebellum GP LLC acquired a new position in First Horizon National in the 4th quarter valued at about $124,000. Bartlett & Co. LLC acquired a new position in First Horizon National in the 4th quarter valued at about $179,000. Finally, Macquarie Group Ltd. acquired a new position in First Horizon National in the 3rd quarter valued at about $182,000. Hedge funds and other institutional investors own 82.92% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. UBS assumed coverage on shares of First Horizon National in a research note on Thursday, March 22nd. They issued a “buy” rating and a $25.00 price target on the stock. Vining Sparks raised shares of First Horizon National to a “buy” rating and set a $25.00 price target on the stock in a research note on Monday, January 8th. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 price target on the stock in a research note on Tuesday, January 9th. Barclays raised shares of First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price target on the stock in a research note on Friday, February 9th. Finally, Wells Fargo raised shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. First Horizon National presently has a consensus rating of “Hold” and an average price target of $22.27.
NYSE FHN opened at $18.57 on Friday. First Horizon National Co. has a 52 week low of $15.84 and a 52 week high of $20.86. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27. The company has a market cap of $6,180.42, a price-to-earnings ratio of 16.73, a PEG ratio of 1.91 and a beta of 0.99.
First Horizon National (NYSE:FHN) last issued its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $368.93 million. During the same quarter in the prior year, the business posted $0.23 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. research analysts expect that First Horizon National Co. will post 1.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 9th were issued a $0.12 dividend. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.58%. First Horizon National’s dividend payout ratio is presently 43.24%.
First Horizon National announced that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP John M. Daniel sold 22,389 shares of the stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $19.79, for a total transaction of $443,078.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael E. Kisber sold 160,000 shares of the stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $20.00, for a total transaction of $3,200,000.00. Following the sale, the insider now owns 568,904 shares of the company’s stock, valued at approximately $11,378,080. The disclosure for this sale can be found here. In the last 90 days, insiders sold 257,096 shares of company stock valued at $5,156,207. Company insiders own 1.75% of the company’s stock.
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First Horizon National Company Profile
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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