First Trust Advisors LP raised its stake in shares of First Horizon National Corp (NYSE:FHN) by 39.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,475,196 shares of the financial services provider’s stock after purchasing an additional 420,169 shares during the quarter. First Trust Advisors LP owned about 0.45% of First Horizon National worth $29,489,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. increased its stake in First Horizon National by 2.2% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 12,296,061 shares of the financial services provider’s stock valued at $235,470,000 after purchasing an additional 264,035 shares in the last quarter. Parnassus Investments CA increased its stake in First Horizon National by 16.8% during the 4th quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock valued at $132,064,000 after purchasing an additional 951,931 shares in the last quarter. Victory Capital Management Inc. increased its stake in First Horizon National by 8.4% during the 4th quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock valued at $109,840,000 after purchasing an additional 425,157 shares in the last quarter. Schroder Investment Management Group increased its stake in First Horizon National by 13.2% during the 3rd quarter. Schroder Investment Management Group now owns 4,924,091 shares of the financial services provider’s stock valued at $93,705,000 after purchasing an additional 575,552 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in First Horizon National by 3.3% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 4,783,526 shares of the financial services provider’s stock valued at $91,605,000 after purchasing an additional 154,272 shares in the last quarter. Institutional investors and hedge funds own 72.85% of the company’s stock.
In related news, Director Peter N. Foss sold 30,000 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.32, for a total transaction of $609,600.00. Following the sale, the director now directly owns 56,220 shares of the company’s stock, valued at $1,142,390.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.09% of the company’s stock.
Several analysts have recently commented on FHN shares. UBS Group raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Raymond James Financial raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 price objective on the stock in a report on Wednesday, November 8th. Barclays reaffirmed an “equal weight” rating and issued a $21.00 price objective on shares of First Horizon National in a report on Monday, December 4th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $22.00 price objective on shares of First Horizon National in a report on Tuesday, December 5th. Finally, Morgan Stanley upped their price objective on shares of First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $22.11.
Shares of First Horizon National Corp (NYSE FHN) opened at $19.61 on Thursday. The company has a market cap of $6,351.75, a price-to-earnings ratio of 17.36, a PEG ratio of 1.96 and a beta of 0.98. 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 Corp has a twelve month low of $15.84 and a twelve month high of $20.86.
First Horizon National (NYSE:FHN) last announced its quarterly 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 firm 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 firm posted $0.23 earnings per share. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. sell-side analysts predict that First Horizon National Corp will post 1.42 earnings per share for the current fiscal year.
First Horizon National announced that its Board of Directors has initiated a share buyback program 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 repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, March 8th. 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 2.45%. First Horizon National’s dividend payout ratio is 52.17%.
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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.
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