Zacks Investment Research cut shares of First Horizon National (NYSE:FHN) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports. They currently have $16.00 target price on the financial services provider’s stock.
According to Zacks, “Shares of First Horizon have outperformed the industry in the past six months. Also, the company's earnings surprise history is decent, having surpassed the Zacks Consensus Estimate in two of the trailing four quarters and matching in one. The company's efforts to strengthen core Tennessee banking franchise and inorganic growth strategies with support from strong balance sheet position bode well for the long term. Further, improving credit quality is a tailwind. Focus to enhance shareholders’ value through capital deployment activities encourages us. However, pressure on net interest margin (NIM) from lower rates might hurt top line to an extent. Also, persistently increasing costs due to rising compensation and employee benefit expenses might weigh on the bottom line. Moreover, mortgage repurchases and legal issues act as headwinds.”
Several other equities analysts have also commented on the stock. Keefe, Bruyette & Woods lowered shares of First Horizon National from an outperform rating to a market perform rating and raised their target price for the company from $17.00 to $17.50 in a report on Wednesday, October 16th. Bank of America raised shares of First Horizon National from a neutral rating to a buy rating and set a $20.00 price target for the company in a report on Tuesday, November 5th. Wells Fargo & Co increased their price target on shares of First Horizon National from $17.00 to $19.00 and gave the stock an outperform rating in a research report on Wednesday, October 2nd. Finally, Raymond James raised shares of First Horizon National from a market perform rating to an outperform rating and set a $18.00 price objective on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. First Horizon National presently has a consensus rating of Hold and a consensus target price of $18.19.
FHN opened at $16.01 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.94 and a current ratio of 0.96. First Horizon National has a 52-week low of $12.30 and a 52-week high of $17.42. The firm has a market cap of $4.94 billion, a P/E ratio of 10.25, a price-to-earnings-growth ratio of 1.19 and a beta of 1.29. The business’s fifty day moving average is $16.22 and its 200-day moving average is $15.56.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. First Horizon National had a return on equity of 10.34% and a net margin of 19.09%. The business had revenue of $472.40 million during the quarter, compared to the consensus estimate of $466.10 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. First Horizon National’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, research analysts predict that First Horizon National will post 1.61 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Thursday, December 12th. First Horizon National’s dividend payout ratio (DPR) is presently 39.72%.
In other First Horizon National news, EVP Yousef A. Valine sold 28,249 shares of First Horizon National stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.12, for a total value of $483,622.88. Following the transaction, the executive vice president now owns 229,371 shares in the company, valued at $3,926,831.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.88% of the company’s stock.
Several hedge funds have recently bought and sold shares of FHN. First Trust Advisors LP grew its holdings in shares of First Horizon National by 45.1% during the 2nd quarter. First Trust Advisors LP now owns 2,740,880 shares of the financial services provider’s stock valued at $40,921,000 after purchasing an additional 852,162 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in First Horizon National by 3.8% in the second quarter. Gamco Investors INC. ET AL now owns 55,000 shares of the financial services provider’s stock valued at $821,000 after buying an additional 2,000 shares in the last quarter. Squarepoint Ops LLC boosted its position in First Horizon National by 91.3% in the third quarter. Squarepoint Ops LLC now owns 737,380 shares of the financial services provider’s stock valued at $11,946,000 after buying an additional 351,963 shares in the last quarter. Quest Capital Management Inc. ADV bought a new stake in shares of First Horizon National during the third quarter worth $42,000. Finally, Millennium Management LLC grew its stake in shares of First Horizon National by 1,816.1% during the third quarter. Millennium Management LLC now owns 2,764,117 shares of the financial services provider’s stock worth $44,778,000 after buying an additional 2,619,861 shares during the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.
About First Horizon National
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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