First Horizon National (FHN) Raised to “Overweight” at Barclays

First Horizon National (NYSE:FHN) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Friday, Marketbeat reports. The brokerage presently has a $23.00 target price on the financial services provider’s stock. Barclays’ target price indicates a potential upside of 21.50% from the stock’s current price.

FHN has been the topic of several other reports. Raymond James Financial increased their target price on First Horizon National from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Hovde Group set a $22.00 target price on First Horizon National and gave the stock a “hold” rating in a research report on Monday, January 22nd. UBS Group upgraded First Horizon National from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, November 8th. Morgan Stanley increased their target price on First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Finally, Zacks Investment Research upgraded First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $22.11.

First Horizon National (NYSE:FHN) traded up $0.24 during midday trading on Friday, reaching $18.93. The company had a trading volume of 6,191,425 shares, compared to its average volume of 3,560,000. First Horizon National has a 1 year low of $15.84 and a 1 year high of $20.86. The stock has a market capitalization of $6,260.00, a P/E ratio of 27.04, a PEG ratio of 1.89 and a beta of 0.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90.

First Horizon National (NYSE:FHN) last released its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The firm had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. During the same period in the prior year, the business posted $0.23 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. sell-side analysts predict that First Horizon National will post 1.42 EPS for the current fiscal year.

First Horizon National announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the sale, the director now directly owns 56,220 shares in the company, valued at $1,142,390.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.09% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its stake in First Horizon National by 2.4% during the second quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 286 shares during the last quarter. Gotham Asset Management LLC grew its stake in shares of First Horizon National by 6.6% in the second quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock valued at $244,000 after buying an additional 873 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of First Horizon National by 1.6% in the second quarter. Ameritas Investment Partners Inc. now owns 69,960 shares of the financial services provider’s stock valued at $1,219,000 after buying an additional 1,075 shares in the last quarter. Quantitative Systematic Strategies LLC grew its stake in shares of First Horizon National by 3.0% in the fourth quarter. Quantitative Systematic Strategies LLC now owns 107,444 shares of the financial services provider’s stock valued at $2,148,000 after buying an additional 3,100 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of First Horizon National by 3.8% in the third quarter. Public Employees Retirement System of Ohio now owns 88,447 shares of the financial services provider’s stock valued at $1,694,000 after buying an additional 3,222 shares in the last quarter. Institutional investors own 64.30% of the company’s stock.

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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.

Analyst Recommendations for First Horizon National (NYSE:FHN)

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