Parnassus Investments CA grew its position in First Horizon National Corp (NYSE:FHN) by 17.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,542,251 shares of the financial services provider’s stock after purchasing an additional 1,432,640 shares during the period. Parnassus Investments CA owned approximately 2.95% of First Horizon National worth $125,576,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. ETF Managers Group LLC lifted its holdings in shares of First Horizon National by 15.8% in the fourth quarter. ETF Managers Group LLC now owns 6,922 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 942 shares in the last quarter. Raymond James Trust N.A. bought a new stake in First Horizon National during the third quarter worth about $180,000. CIBC World Markets Inc. bought a new stake in First Horizon National during the third quarter worth about $182,000. First Interstate Bank raised its holdings in First Horizon National by 107.0% during the third quarter. First Interstate Bank now owns 10,613 shares of the financial services provider’s stock worth $183,000 after acquiring an additional 5,485 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in First Horizon National by 122.6% during the fourth quarter. IFP Advisors Inc now owns 12,756 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 7,025 shares in the last quarter. Institutional investors own 88.23% of the company’s stock.
In other First Horizon National news, Director Scott M. Niswonger bought 25,000 shares of the business’s stock in a transaction on Monday, December 10th. The stock was purchased at an average cost of $14.55 per share, for a total transaction of $363,750.00. Following the completion of the purchase, the director now directly owns 689,951 shares of the company’s stock, valued at $10,038,787.05. The acquisition was disclosed in a filing with the SEC, which is available at this link. 1.75% of the stock is owned by corporate insiders.
FHN has been the topic of several analyst reports. Zacks Investment Research lowered First Horizon National from a “hold” rating to a “sell” rating in a report on Tuesday, January 8th. Deutsche Bank upgraded First Horizon National from a “hold” rating to a “buy” rating and set a $20.50 target price on the stock in a report on Monday, November 12th. TheStreet lowered First Horizon National from a “b-” rating to a “c+” rating in a report on Thursday, December 27th. Morgan Stanley dropped their target price on First Horizon National from $19.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 11th. Finally, Robert W. Baird started coverage on First Horizon National in a research report on Thursday, December 20th. They set a “neutral” rating on the stock. Three analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. First Horizon National presently has a consensus rating of “Hold” and an average price target of $20.15.
NYSE FHN opened at $15.43 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.92. First Horizon National Corp has a fifty-two week low of $12.30 and a fifty-two week high of $20.52. The firm has a market cap of $4.97 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 1.53 and a beta of 1.17.
First Horizon National (NYSE:FHN) last released its earnings results on Friday, January 18th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). First Horizon National had a return on equity of 10.22% and a net margin of 24.02%. The business had revenue of $412.80 million for the quarter, compared to the consensus estimate of $443.30 million. During the same quarter in the previous year, the company earned ($0.20) earnings per share. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, analysts predict that First Horizon National Corp will post 1.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, March 14th. This is a boost from First Horizon National’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 3.63%. First Horizon National’s dividend payout ratio is presently 34.04%.
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About First Horizon National
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.
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