Liberty Mutual Group Asset Management Inc. boosted its holdings in First Horizon National Corp (NYSE:FHN) by 7.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,928 shares of the financial services provider’s stock after purchasing an additional 4,489 shares during the quarter. Liberty Mutual Group Asset Management Inc.’s holdings in First Horizon National were worth $1,204,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Exane Derivatives purchased a new stake in First Horizon National in the fourth quarter worth about $101,000. First Interstate Bank purchased a new stake in First Horizon National in the fourth quarter worth about $103,000. Cerebellum GP LLC purchased a new stake in First Horizon National in the fourth quarter worth about $124,000. First Mercantile Trust Co. grew its holdings in First Horizon National by 91.8% in the first quarter. First Mercantile Trust Co. now owns 7,615 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 3,644 shares during the period. Finally, Salem Investment Counselors Inc. purchased a new stake in First Horizon National in the fourth quarter worth about $165,000. Institutional investors and hedge funds own 82.93% of the company’s stock.
FHN has been the topic of a number of recent research reports. UBS Group started coverage on shares of First Horizon National in a report on Thursday, March 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. Wells Fargo & Co upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Thursday, April 5th. Piper Jaffray Companies started coverage on shares of First Horizon National in a research note on Monday, April 9th. They issued an “overweight” rating and a $22.00 target price on the stock. FIG Partners upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating in a research note on Monday, April 16th. Finally, Hovde Group set a $21.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a research note on Monday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. First Horizon National presently has a consensus rating of “Buy” and a consensus target price of $22.17.
First Horizon National stock traded up $0.02 during midday trading on Thursday, reaching $19.10. 3,794,100 shares of the company traded hands, compared to its average volume of 3,427,280. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 1.86 and a beta of 0.98. First Horizon National Corp has a 12 month low of $15.84 and a 12 month high of $20.86. 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 (NYSE:FHN) last issued its quarterly earnings data on Friday, April 13th. The financial services provider reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. The company had revenue of $437.20 million for the quarter, compared to the consensus estimate of $438.60 million. First Horizon National had a net margin of 12.30% and a return on equity of 9.37%. The firm’s revenue for the quarter was up 42.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.23 earnings per share. sell-side analysts expect that First Horizon National Corp will post 1.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 8th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.48 dividend on an annualized basis and a yield of 2.51%. First Horizon National’s dividend payout ratio (DPR) is 43.24%.
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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