First Horizon National Corp. (FHN) Rating Lowered to Hold at Zacks Investment Research
First Horizon National Corp. (NYSE:FHN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “First Horizon’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. It is well poised to benefit from its inorganic growth strategies. Notably, in Sep 2016 the company completed the acquisition of the restaurant franchise loans from GE Capital which is expected to be instantly accretive to the company’s earnings. The company’s focus on cost control and efforts to strengthen its core Tennessee banking franchise bodes well for the long term. However, the slow rise in interest rates will continue to limit significant expansion in margin. Also, it is burdened with several litigations which may result in substantial high legal expenses. Further, regulatory issues are also likely to adversely impact the company's financials.”
Several other research firms also recently issued reports 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. reiterated a “hold” rating on shares of First Horizon National Corp. in a research note on Saturday, July 9th. Hovde Group downgraded shares of First Horizon National Corp. from an “outperform” rating to a “market perform” rating and set a $16.50 price objective for the company. in a research note on Monday, September 26th. Deutsche Bank AG boosted their price objective on shares of First Horizon National Corp. from $13.50 to $15.50 and gave the stock a “hold” rating in a research note on Monday, September 26th. 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.50.
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First Horizon National Corp. (NYSE:FHN) traded down 0.799% during mid-day trading on Friday, hitting $15.515. 760,587 shares of the stock were exchanged. The company has a market cap of $3.60 billion, a P/E ratio of 17.591 and a beta of 1.16. First Horizon National Corp. has a one year low of $11.51 and a one year high of $15.78. The company has a 50-day moving average price of $15.17 and a 200-day moving average price of $14.30.
First Horizon National Corp. (NYSE:FHN) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping the 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 company earned $321.78 million during the quarter. During the same quarter in the prior year, the firm earned $0.22 earnings per share. First Horizon National Corp.’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts forecast that First Horizon National Corp. will post $0.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 1.79%. First Horizon National Corp.’s payout ratio is currently 30.11%.
In other news, Chairman D Bryan Jordan sold 461,187 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $15.05, for a total transaction of $6,940,864.35. Following the completion of the transaction, the chairman now directly owns 821,178 shares in the company, valued at approximately $12,358,728.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Kisber sold 118,043 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $15.25, for a total value of $1,800,155.75. Following the transaction, the insider now owns 473,309 shares of the company’s stock, valued at $7,217,962.25. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of FHN. Renaissance Technologies LLC bought a new position in First Horizon National Corp. during the first quarter valued at about $758,000. Geode Capital Management LLC raised its position in 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 valued at $18,609,000 after buying an additional 37,300 shares during the last quarter. Rafferty Asset Management LLC raised its position in 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 valued at $421,000 after buying an additional 10,127 shares during the last quarter. Credit Agricole S A raised its position in 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 valued at $1,606,000 after buying an additional 21,047 shares during the last quarter. Finally, M&T Bank Corp raised its position in 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 valued at $213,000 after buying an additional 4,138 shares during the last quarter. Institutional investors own 78.37% of the company’s stock.
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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