Teachers Advisors LLC grew its holdings in First Horizon National Co. (NYSE:FHN) by 29.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 345,885 shares of the financial services provider’s stock after purchasing an additional 78,823 shares during the quarter. Teachers Advisors LLC owned about 0.11% of First Horizon National worth $6,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Oak Hill Capital Management LLC acquired a new position in shares of First Horizon National in the 4th quarter valued at about $107,835,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of First Horizon National by 54.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,361 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 5,073 shares during the period. New Mexico Educational Retirement Board acquired a new position in shares of First Horizon National in the 4th quarter valued at about $1,600,000. First Interstate Bank acquired a new position in shares of First Horizon National in the 4th quarter valued at about $103,000. Finally, Amundi Pioneer Asset Management Inc. lifted its stake in shares of First Horizon National by 2.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,733,922 shares of the financial services provider’s stock valued at $34,661,000 after purchasing an additional 33,639 shares during the period. 82.92% of the stock is currently owned by institutional investors.
FHN has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Zacks Investment Research downgraded First Horizon National from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price objective on the stock in a research note on Monday, January 8th. Barclays raised First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research note on Friday, February 9th. Finally, UBS initiated coverage on First Horizon National in a research note on Thursday, March 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $22.27.
In other news, EVP John M. Daniel sold 22,389 shares of the stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $19.79, for a total value of $443,078.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Kisber sold 160,000 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $20.00, for a total value of $3,200,000.00. Following the completion of the sale, the insider now directly owns 568,904 shares of the company’s stock, valued at $11,378,080. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,096 shares of company stock worth $5,156,207. 1.75% of the stock is owned by company insiders.
FHN stock opened at $18.57 on Friday. First Horizon National Co. has a fifty-two week low of $15.84 and a fifty-two week high of $20.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92. The company has a market cap of $6,275.20, a P/E ratio of 17.14, a PEG ratio of 1.93 and a beta of 0.99.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.01. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The business had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. During the same period in the prior year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. equities research analysts forecast that First Horizon National Co. will post 1.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 9th were paid a dividend of $0.12 per share. This is an increase from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, March 8th. First Horizon National’s dividend payout ratio is 43.24%.
First Horizon National announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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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