First Horizon National (NYSE:FHN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Shares of First Horizon have underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Fourth-quarter 2017 results benefitted from higher revenues, partially offset by elevated expenses and provisions. First Horizon's efforts to strengthen its core Tennessee banking franchise bode well for the long term. Moreover, its inorganic growth strategies are likely to support the top line. Though consistently rising expenses are likely to weigh on the profitability, the company’s focus to enhance shareholders’ value through capital deployment activities encourages us.”
Several other equities research analysts have also issued reports on FHN. Barclays raised shares of First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective for the company in a research note on Friday. Hovde Group lifted their price objective on shares of First Horizon National from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Monday, October 16th. Raymond James Financial raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, November 8th. UBS Group raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, November 8th. Finally, Vining Sparks raised shares of First Horizon National to a “buy” rating and set a $25.00 price objective for the company in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $22.11.
First Horizon National (NYSE:FHN) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.01. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The business had revenue of $375.30 million during the quarter, compared to analyst estimates of $368.93 million. During the same quarter in the previous year, the business earned $0.23 EPS. First Horizon National’s quarterly revenue was up 17.4% compared to the same quarter last year. sell-side analysts anticipate that First Horizon National will post 1.42 earnings per share for the current fiscal year.
First Horizon National declared that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Peter N. Foss sold 30,000 shares of First Horizon National stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the transaction, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.09% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in FHN. Exane Derivatives bought a new position in First Horizon National in the 4th quarter worth $101,000. First Interstate Bank bought a new position in First Horizon National in the 4th quarter worth $103,000. Cerebellum GP LLC bought a new position in First Horizon National in the 4th quarter worth $124,000. Bartlett & Co. LLC bought a new position in First Horizon National in the 4th quarter worth $179,000. Finally, Macquarie Group Ltd. bought a new position in First Horizon National in the 3rd quarter worth $182,000. Hedge funds and other institutional investors own 64.88% 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.
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