First Horizon National (NYSE:FHN) announced its quarterly earnings results on Friday. The financial services provider reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.04, Bloomberg Earnings reports. The company had revenue of $437.20 million for the quarter, compared to analyst estimates of $438.60 million. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The firm’s revenue was up 42.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 earnings per share.
Shares of NYSE FHN opened at $18.80 on Friday. First Horizon National has a 1-year low of $15.84 and a 1-year high of $20.86. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90. The firm has a market cap of $6,209.83, a P/E ratio of 16.94, a P/E/G ratio of 1.91 and a beta of 0.99.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 9th were issued a $0.12 dividend. This is an increase from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Thursday, March 8th. First Horizon National’s dividend payout ratio is presently 43.24%.
Several large investors have recently bought and sold shares of the company. Macquarie Group Ltd. boosted its position in shares of First Horizon National by 28.4% in the 4th quarter. Macquarie Group Ltd. now owns 12,200 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 2,700 shares during the last quarter. Quantitative Systematic Strategies LLC lifted its holdings in First Horizon National by 3.0% during the fourth quarter. Quantitative Systematic Strategies LLC now owns 107,444 shares of the financial services provider’s stock worth $2,148,000 after acquiring an additional 3,100 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in First Horizon National by 3.8% during the third quarter. Public Employees Retirement System of Ohio now owns 88,447 shares of the financial services provider’s stock worth $1,694,000 after acquiring an additional 3,222 shares in the last quarter. CNA Financial Corp lifted its holdings in First Horizon National by 5.4% during the fourth quarter. CNA Financial Corp now owns 68,300 shares of the financial services provider’s stock worth $1,365,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its holdings in First Horizon National by 7.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 53,413 shares of the financial services provider’s stock worth $1,068,000 after acquiring an additional 3,735 shares in the last quarter. Institutional investors and hedge funds own 82.92% of the company’s stock.
First Horizon National announced that its board has authorized a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Several brokerages have commented on FHN. Hovde Group set a $22.00 price target on shares of First Horizon National and gave the company a “hold” rating in a research note on Monday, January 22nd. Barclays increased their price target on shares of First Horizon National from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Piper Jaffray initiated coverage on shares of First Horizon National in a research note on Monday, April 9th. They issued an “overweight” rating and a $22.00 price target on the stock. Wells Fargo raised First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Thursday, April 5th. Finally, Zacks Investment Research downgraded First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $22.25.
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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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