Zacks Investment Research lowered shares of First Horizon National (NYSE:FHN) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Shares of First Horizon have underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Fourth-quarter 2017 results benefitted from higher revenues, partially offset by elevated expenses and provisions. First Horizon's efforts to strengthen its core Tennessee banking franchise bode well for the long term. Moreover, its inorganic growth strategies are likely to support the top line. Though consistently rising expenses are likely to weigh on the profitability, the company’s focus to enhance shareholders’ value through capital deployment activities encourages us.”
FHN has been the subject of a number of other research reports. Raymond James Financial upped their target price on shares of First Horizon National from $20.00 to $22.00 and gave the stock an outperform rating in a report on Monday, October 16th. Hovde Group set a $22.00 price target on shares of First Horizon National and gave the company a hold rating in a research report on Monday, January 22nd. UBS Group raised shares of First Horizon National from an outperform rating to a strong-buy rating in a research report on Wednesday, November 8th. Barclays boosted their price target 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. Finally, Morgan Stanley boosted their price target on shares of First Horizon National from $20.00 to $22.00 and gave the company an equal weight rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $22.11.
Shares of First Horizon National (NYSE FHN) opened at $19.06 on Tuesday. First Horizon National has a 1-year low of $15.84 and a 1-year high of $20.86. The stock has a market cap of $6,230.85, a price-to-earnings ratio of 17.03, a PEG ratio of 1.92 and a beta of 0.98. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.
First Horizon National (NYSE:FHN) last released its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $368.93 million. During the same quarter in the prior year, the firm earned $0.23 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. equities research analysts forecast that First Horizon National will post 1.42 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be given a dividend of $0.12 per share. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.52%. First Horizon National’s payout ratio is presently 52.17%.
First Horizon National declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, January 23rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, 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 of the company’s stock, valued at approximately $1,142,390.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.09% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. California Public Employees Retirement System lifted its position in First Horizon National by 3.0% in the third quarter. California Public Employees Retirement System now owns 627,657 shares of the financial services provider’s stock valued at $12,020,000 after buying an additional 18,418 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in First Horizon National in the third quarter valued at about $481,000. Deprince Race & Zollo Inc. lifted its position in First Horizon National by 1.3% in the third quarter. Deprince Race & Zollo Inc. now owns 1,223,545 shares of the financial services provider’s stock valued at $23,431,000 after buying an additional 15,406 shares during the last quarter. Sei Investments Co. lifted its position in First Horizon National by 18.9% in the third quarter. Sei Investments Co. now owns 75,152 shares of the financial services provider’s stock valued at $1,439,000 after buying an additional 11,953 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in First Horizon National by 59.5% in the third quarter. Principal Financial Group Inc. now owns 1,579,251 shares of the financial services provider’s stock valued at $30,244,000 after buying an additional 588,885 shares during the last quarter. 64.88% of the stock is currently owned by hedge funds and other institutional investors.
About First Horizon National
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.
Receive News & Ratings for First Horizon National Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon National and related companies with MarketBeat.com's FREE daily email newsletter.