First Horizon National (FHN) Issues Quarterly Earnings Results

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%.



In other news, insider Michael E. Kisber sold 160,000 shares of the firm’s stock in a transaction 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 directly owns 568,904 shares in the company, valued at approximately $11,378,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John M. Daniel sold 22,389 shares of the firm’s stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $19.79, for a total value of $443,078.31. The disclosure for this sale can be found here. Insiders sold a total of 257,096 shares of company stock worth $5,156,207 over the last 90 days. 1.75% of the stock is owned by corporate insiders.

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.

Earnings History for First Horizon National (NYSE:FHN)

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