First Horizon National Corp. (FHN) Lowered to “Sell” at Zacks Investment Research
First Horizon National Corp. (NYSE:FHN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “First Horizon continues to face revenue challenges with muted growth in interest income and fee income. The slow rise in interest rates will continue to limit significant expansion in margin. Further, the company is burdened with several litigations which may result in substantial high legal expenses. Additionally, regulatory issues keep us cautious. Nevertheless, the company is well poised to benefit from its organic and inorganic growth strategies. Recently, the company acquired restaurant franchise loans from GE Capital. This transaction is expected to be instantly accretive to First Horizon’s earnings per share. The company is also set to gain from its takeover of TrustAtlantic Financial Corp., completed last year.”
Several other research firms also recently weighed in on FHN. Wells Fargo & Co. downgraded shares of First Horizon National Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. reissued a “hold” rating and issued a $15.50 price objective on shares of First Horizon National Corp. in a research note on Monday, July 18th. Finally, Barclays PLC boosted their price objective on shares of First Horizon National Corp. from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.03.
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First Horizon National Corp. (NYSE:FHN) traded up 0.13% during trading on Tuesday, hitting $15.13. The stock had a trading volume of 614,458 shares. First Horizon National Corp. has a 12 month low of $11.51 and a 12 month high of $15.50. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 17.15 and a beta of 1.25. The firm has a 50 day moving average of $15.05 and a 200-day moving average of $14.11.
First Horizon National Corp. (NYSE:FHN) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.01. First Horizon National Corp. had a net margin of 17.30% and a return on equity of 8.84%. The firm earned $321.78 million during the quarter. During the same period in the prior year, the firm posted $0.22 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Equities analysts predict that First Horizon National Corp. will post $0.95 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 7th. First Horizon National Corp.’s dividend payout ratio (DPR) is presently 30.11%.
In other news, Chairman D Bryan Jordan sold 461,187 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $15.05, for a total transaction of $6,940,864.35. Following the sale, the chairman now directly owns 821,178 shares of the company’s stock, valued at $12,358,728.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John M. Daniel sold 53,048 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $14.93, for a total transaction of $792,006.64. Following the sale, the executive vice president now directly owns 283,103 shares in the company, valued at $4,226,727.79. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in shares of First Horizon National Corp. during the first quarter worth $758,000. Geode Capital Management LLC raised its stake in shares of First Horizon National Corp. by 2.7% in the first quarter. Geode Capital Management LLC now owns 1,420,580 shares of the financial services provider’s stock worth $18,609,000 after buying an additional 37,300 shares during the period. Rafferty Asset Management LLC raised its stake in shares of First Horizon National Corp. by 46.0% in the first quarter. Rafferty Asset Management LLC now owns 32,119 shares of the financial services provider’s stock worth $421,000 after buying an additional 10,127 shares during the period. Credit Agricole S A raised its stake in shares of First Horizon National Corp. by 20.7% in the first quarter. Credit Agricole S A now owns 122,609 shares of the financial services provider’s stock worth $1,606,000 after buying an additional 21,047 shares during the period. Finally, M&T Bank Corp raised its stake in shares of First Horizon National Corp. by 34.2% in the first quarter. M&T Bank Corp now owns 16,245 shares of the financial services provider’s stock worth $213,000 after buying an additional 4,138 shares during the period. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
First Horizon National Corp. 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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