Cramer Rosenthal Mcglynn LLC reduced its stake in First Horizon National Corp (NYSE:FHN) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 818,231 shares of the financial services provider’s stock after selling 16,120 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.25% of First Horizon National worth $16,356,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in FHN. Exane Derivatives acquired a new stake in shares of First Horizon National in the fourth quarter valued at $101,000. First Interstate Bank acquired a new stake in shares of First Horizon National in the fourth quarter valued at $103,000. Cerebellum GP LLC acquired a new stake in shares of First Horizon National in the fourth quarter valued at $124,000. Bartlett & Co. LLC acquired a new stake in shares of First Horizon National in the fourth quarter valued at $179,000. Finally, Macquarie Group Ltd. acquired a new stake in shares of First Horizon National in the third quarter valued at $182,000. Institutional investors and hedge funds own 82.92% of the company’s stock.
Shares of First Horizon National Corp (NYSE:FHN) opened at $19.96 on Wednesday. First Horizon National Corp has a 52 week low of $15.84 and a 52 week high of $20.86. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6,631.45, a price-to-earnings ratio of 28.93, a price-to-earnings-growth ratio of 2.05 and a beta of 0.99.
First Horizon National announced that its board has approved a share buyback program on Tuesday, January 23rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 8th. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 dividend on an annualized basis and a yield of 2.40%. First Horizon National’s dividend payout ratio (DPR) is currently 69.57%.
In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $20.32, for a total value of $609,600.00. Following the sale, the director now directly owns 56,220 shares in the company, valued at $1,142,390.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael E. Kisber sold 44,707 shares of First Horizon National stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $20.21, for a total value of $903,528.47. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 234,707 shares of company stock worth $4,713,128. 2.09% of the stock is owned by insiders.
Several analysts have recently issued reports on the company. Zacks Investment Research cut First Horizon National from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Barclays upgraded First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research note on Friday, February 9th. Hovde Group set a $22.00 price objective on First Horizon National and gave the company a “hold” rating in a research note on Monday, January 22nd. Vining Sparks upgraded First Horizon National to a “buy” rating and set a $25.00 price objective on the stock in a research note on Monday, January 8th. Finally, Morgan Stanley increased their price objective on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $22.11.
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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