UBS Asset Management Americas Inc. increased its stake in shares of First Horizon National Corp (NYSE:FHN) by 18.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 257,753 shares of the financial services provider’s stock after purchasing an additional 39,336 shares during the period. UBS Asset Management Americas Inc. owned 0.08% of First Horizon National worth $5,152,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Horizon National by 54.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,361 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 5,073 shares in the last quarter. California Public Employees Retirement System lifted its holdings in First Horizon National by 3.0% during the 3rd quarter. California Public Employees Retirement System now owns 627,657 shares of the financial services provider’s stock worth $12,020,000 after purchasing an additional 18,418 shares in the last quarter. New Mexico Educational Retirement Board purchased a new stake in First Horizon National during the 4th quarter worth about $1,600,000. Raymond James Financial Services Advisors Inc. purchased a new stake in First Horizon National during the 4th quarter worth about $9,572,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of First Horizon National in the 3rd quarter valued at about $481,000. 82.92% of the stock is currently owned by institutional investors and hedge funds.
First Horizon National Corp (NYSE FHN) opened at $20.37 on Monday. The firm has a market capitalization of $6,657.60, a PE ratio of 29.52, a P/E/G ratio of 2.06 and a beta of 0.99. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. First Horizon National Corp has a 1-year low of $15.84 and a 1-year high of $20.86.
First Horizon National declared that its board has initiated a stock repurchase program on Tuesday, January 23rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.36%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s dividend payout ratio (DPR) is currently 69.57%.
In related news, Director Peter N. Foss sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $20.32, for a total transaction of $609,600.00. Following the transaction, the director now directly owns 56,220 shares in the company, valued at approximately $1,142,390.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael E. Kisber sold 160,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $20.00, for a total value of $3,200,000.00. Following the transaction, the insider now owns 568,904 shares in the company, valued at $11,378,080. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.
Several research firms have weighed in on FHN. Hovde Group set a $22.00 price target on First Horizon National and gave the company a “hold” rating in a report on Monday, January 22nd. Barclays raised their price target on First Horizon National from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley raised their price target on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Zacks Investment Research cut First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Finally, Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price target on the stock in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. First Horizon National currently has a consensus rating of “Buy” and an average price target of $22.11.
First Horizon National 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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