Piper Jaffray Initiates Coverage on First Horizon National (FHN)

Investment analysts at Piper Jaffray assumed coverage on shares of First Horizon National (NYSE:FHN) in a report released on Monday. The firm set an “overweight” rating and a $22.00 price target on the financial services provider’s stock. Piper Jaffray’s target price points to a potential upside of 17.77% from the company’s previous close.

FHN has been the topic of a number of other reports. Hovde Group set a $22.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a report on Monday, January 22nd. Barclays boosted their target price on shares of First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley lifted their price objective on shares of 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. Wells Fargo raised shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Thursday. Finally, Zacks Investment Research cut shares of First Horizon National from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $22.25.

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Shares of NYSE FHN traded up $0.11 during midday trading on Monday, reaching $18.68. The company’s stock had a trading volume of 407,837 shares, compared to its average volume of 3,312,249. 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 has a fifty-two week low of $15.84 and a fifty-two week high of $20.86. The company has a market capitalization of $6,069.30, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.87 and a beta of 0.99.

First Horizon National (NYSE:FHN) last posted its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share (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 company had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. During the same period last year, the company earned $0.23 earnings per share. The firm’s revenue was up 17.4% compared to the same quarter last year. sell-side analysts expect that First Horizon National will post 1.42 EPS for the current year.

First Horizon National announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 23rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

In related news, Director Peter N. Foss sold 30,000 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the sale, the director now owns 56,220 shares of the company’s stock, valued at $1,142,390.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Kisber sold 44,707 shares of the company’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $20.21, for a total transaction of $903,528.47. The disclosure for this sale can be found here. In the last three months, insiders sold 257,096 shares of company stock valued at $5,156,207. 1.75% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Oak Hill Capital Management LLC acquired a new position in First Horizon National during the fourth quarter worth about $107,835,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Horizon National by 54.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,361 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 5,073 shares in the last quarter. New Mexico Educational Retirement Board acquired a new position in First Horizon National during the fourth quarter worth about $1,600,000. First Interstate Bank acquired a new position in First Horizon National during the fourth quarter worth about $103,000. Finally, Amundi Pioneer Asset Management Inc. raised its stake in First Horizon National by 2.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,733,922 shares of the financial services provider’s stock worth $34,661,000 after acquiring an additional 33,639 shares in the last quarter. 82.92% of the stock is owned by hedge funds and other institutional investors.

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About First Horizon National

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.

Analyst Recommendations for First Horizon National (NYSE:FHN)

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