Hovde Group set a $21.00 target price on First Horizon National (NYSE:FHN) in a research note published on Monday morning. The firm currently has a hold rating on the financial services provider’s stock.
A number of other equities analysts have also recently issued reports on FHN. FIG Partners upgraded shares of First Horizon National from a market perform rating to an outperform rating in a research report on Monday. Piper Jaffray began coverage on shares of First Horizon National in a research report on Monday, April 9th. They issued an overweight rating and a $22.00 price objective on the stock. Zacks Investment Research upgraded shares of First Horizon National from a hold rating to a strong-buy rating and set a $23.00 price objective on the stock in a research report on Tuesday, January 9th. Wells Fargo upgraded shares of First Horizon National from a market perform rating to an outperform rating and set a $21.00 price objective on the stock in a research report on Thursday, April 5th. Finally, Barclays boosted their price objective on shares of First Horizon National from $21.00 to $23.00 and gave the company an equal weight rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. First Horizon National has a consensus rating of Buy and a consensus target price of $22.17.
FHN stock opened at $18.99 on Monday. First Horizon National has a 12-month low of $15.84 and a 12-month high of $20.86. The stock has a market capitalization of $6,144.47, a price-to-earnings ratio of 17.11, a PEG ratio of 1.89 and a beta of 0.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92.
First Horizon National (NYSE:FHN) last released its quarterly earnings data on Friday, April 13th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.04. First Horizon National had a net margin of 12.30% and a return on equity of 10.17%. The firm had revenue of $437.20 million for the quarter, compared to analysts’ expectations of $438.60 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 42.6% compared to the same quarter last year. equities analysts predict that First Horizon National will post 1.42 EPS for the current year.
First Horizon National declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 9th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.53%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s payout ratio is currently 43.24%.
In related news, EVP John M. Daniel sold 22,389 shares of the business’s stock in a transaction dated 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 SEC, which is accessible through this link. Also, Director Peter N. Foss sold 30,000 shares of the business’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 transaction, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The disclosure for this sale can be found here. Insiders have sold 257,096 shares of company stock worth $5,156,207 in the last quarter. 1.75% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in FHN. BlackRock Inc. boosted its stake in First Horizon National by 27.3% during the fourth quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock worth $586,064,000 after acquiring an additional 6,279,990 shares in the last quarter. Franklin Resources Inc. boosted its stake in First Horizon National by 149.5% during the fourth quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock worth $318,083,000 after acquiring an additional 9,534,594 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in First Horizon National by 93.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock worth $153,125,000 after acquiring an additional 3,709,208 shares in the last quarter. Parnassus Investments CA boosted its stake in First Horizon National by 16.8% during the fourth quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock worth $132,064,000 after acquiring an additional 951,931 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in First Horizon National by 8.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock worth $109,840,000 after acquiring an additional 425,157 shares in the last quarter. Institutional investors own 82.92% 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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