Amundi Pioneer Asset Management Inc. raised its position in First Horizon National Corp (NYSE:FHN) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,733,922 shares of the financial services provider’s stock after purchasing an additional 33,639 shares during the quarter. Amundi Pioneer Asset Management Inc. owned about 0.53% of First Horizon National worth $34,661,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in FHN. Exane Derivatives acquired a new stake in First Horizon National during the 4th quarter worth $101,000. First Interstate Bank purchased a new position in shares of First Horizon National in the 4th quarter valued at about $103,000. Cerebellum GP LLC purchased a new position in shares of First Horizon National in the 4th quarter valued at about $124,000. Bartlett & Co. LLC purchased a new position in shares of First Horizon National in the 4th quarter valued at about $179,000. Finally, Macquarie Group Ltd. purchased a new position in shares of First Horizon National in the 3rd quarter valued at about $182,000. 82.92% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have weighed in on FHN shares. Morgan Stanley raised their price target on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. 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. Royal Bank of Canada reiterated a “hold” rating and set a $22.00 price objective on shares of First Horizon National in a research note on Tuesday, December 5th. Vining Sparks upgraded shares of 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. Finally, Barclays upgraded shares of First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price target for the company in a research note on Friday, February 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. First Horizon National presently has a consensus rating of “Buy” and a consensus price target of $22.11.
In other news, insider Michael E. Kisber sold 44,707 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John M. Daniel sold 22,389 shares of First Horizon National stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $19.79, for a total value of $443,078.31. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 257,096 shares of company stock worth $5,156,207. Company insiders own 2.09% of the company’s stock.
FHN stock traded up $0.05 during midday trading on Friday, reaching $19.94. The company’s stock had a trading volume of 5,738,448 shares, compared to its average volume of 2,629,740. The firm has a market cap of $6,517.05, a P/E ratio of 28.90, a PEG ratio of 2.01 and a beta of 0.99. First Horizon National Corp has a 12-month low of $15.84 and a 12-month high of $20.86. 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 issued its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The company had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. research analysts forecast that First Horizon National Corp will post 1.42 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders 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 represents a $0.48 dividend on an annualized basis and a yield of 2.41%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio (DPR) is 69.57%.
First Horizon National declared that its board has authorized a stock buyback program 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. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
First Horizon National Company Profile
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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