BlackRock Inc. lowered its stake in shares of First Horizon National Corp (NYSE:FHN) by 2.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,151,555 shares of the financial services provider’s stock after selling 769,270 shares during the period. BlackRock Inc. owned 8.97% of First Horizon National worth $503,156,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the business. FMR LLC lifted its holdings in First Horizon National by 559.4% during the second quarter. FMR LLC now owns 12,480,972 shares of the financial services provider’s stock worth $222,661,000 after buying an additional 10,588,072 shares during the period. JPMorgan Chase & Co. lifted its holdings in First Horizon National by 2.8% during the third quarter. JPMorgan Chase & Co. now owns 7,152,621 shares of the financial services provider’s stock worth $123,455,000 after buying an additional 192,610 shares during the period. Parnassus Investments CA lifted its holdings in First Horizon National by 5.5% during the second quarter. Parnassus Investments CA now owns 6,559,737 shares of the financial services provider’s stock worth $117,026,000 after buying an additional 340,740 shares during the period. Janus Henderson Group PLC lifted its holdings in First Horizon National by 13.1% during the second quarter. Janus Henderson Group PLC now owns 5,855,430 shares of the financial services provider’s stock worth $104,461,000 after buying an additional 677,288 shares during the period. Finally, Frontier Capital Management Co. LLC lifted its holdings in First Horizon National by 6.4% during the third quarter. Frontier Capital Management Co. LLC now owns 5,106,663 shares of the financial services provider’s stock worth $88,141,000 after buying an additional 306,921 shares during the period. Institutional investors own 87.53% of the company’s stock.
Shares of FHN opened at $15.12 on Friday. First Horizon National Corp has a 12 month low of $14.90 and a 12 month high of $20.86. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.26. The firm has a market cap of $5.05 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.92.
First Horizon National (NYSE:FHN) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. First Horizon National had a return on equity of 9.60% and a net margin of 18.17%. The firm had revenue of $441.81 million during the quarter, compared to analyst estimates of $448.62 million. During the same quarter in the prior year, the business posted $0.32 EPS. Analysts forecast that First Horizon National Corp will post 1.42 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 14th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, December 13th. First Horizon National’s payout ratio is 43.24%.
In other news, insider David T. Popwell bought 15,750 shares of the business’s stock in a transaction that occurred on Wednesday, October 17th. The shares were purchased at an average cost of $15.88 per share, with a total value of $250,110.00. Following the transaction, the insider now directly owns 283,692 shares in the company, valued at $4,505,028.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Yousef A. Valine bought 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 31st. The stock was purchased at an average cost of $16.29 per share, for a total transaction of $48,870.00. Following the completion of the transaction, the executive vice president now owns 182,363 shares in the company, valued at $2,970,693.27. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 68,750 shares of company stock worth $1,086,980. 1.75% of the stock is owned by insiders.
A number of analysts have weighed in on FHN shares. Zacks Investment Research lowered First Horizon National from a “hold” rating to a “sell” rating in a report on Wednesday, August 22nd. Deutsche Bank upgraded First Horizon National from a “hold” rating to a “buy” rating and set a $20.50 price objective for the company in a report on Monday, November 12th. ValuEngine upgraded First Horizon National from a “sell” rating to a “hold” rating in a report on Friday, August 17th. Finally, Wells Fargo & Co set a $20.00 price objective on First Horizon National and gave the company a “buy” rating in a report on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $20.80.
First Horizon National Company Profile
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. It operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. The company offers general banking services for consumers, businesses, financial institutions, and governments.
Further Reading: Debt-To-Equity Ratio
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