First Horizon National (FHN) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

First Horizon National (NYSE:FHN) posted its quarterly earnings data on Friday. The financial services provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03, RTT News reports. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The firm had revenue of $437.20 million during the quarter, compared to analysts’ expectations of $438.60 million. During the same quarter in the previous year, the company posted $0.23 EPS. First Horizon National’s revenue was up 42.6% on a year-over-year basis.

FHN opened at $19.15 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90. First Horizon National has a 52 week low of $15.84 and a 52 week high of $20.86. The firm has a market cap of $6,128.13, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 1.88 and a beta of 0.99.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Friday, March 9th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, March 8th. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s payout ratio is currently 43.24%.



Several research analysts recently weighed in on FHN shares. Barclays boosted their price objective on shares of First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Wells Fargo raised shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Thursday, April 5th. UBS assumed coverage on shares of First Horizon National in a report on Thursday, March 22nd. They set a “buy” rating and a $25.00 target price for the company. Zacks Investment Research lowered shares of First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Finally, Hovde Group set a $22.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $22.25.

First Horizon National announced that its board has approved a share repurchase program on Tuesday, January 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

In other news, Director Peter N. Foss sold 30,000 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the completion of the transaction, the director now owns 56,220 shares of the company’s stock, valued at approximately $1,142,390.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John M. Daniel sold 22,389 shares of the business’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $19.79, for a total transaction of $443,078.31. The disclosure for this sale can be found here. Insiders have sold a total of 257,096 shares of company stock valued at $5,156,207 in the last ninety days. Company insiders own 1.75% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of First Horizon National by 27.3% in the 4th quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock valued at $586,064,000 after buying an additional 6,279,990 shares during the period. Franklin Resources Inc. grew its holdings in shares of First Horizon National by 149.5% in the 4th quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock valued at $318,083,000 after buying an additional 9,534,594 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of First Horizon National by 93.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock valued at $153,125,000 after buying an additional 3,709,208 shares during the period. Parnassus Investments CA grew its holdings in shares of First Horizon National by 16.8% in the 4th quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock valued at $132,064,000 after buying an additional 951,931 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of First Horizon National by 8.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock valued at $109,840,000 after buying an additional 425,157 shares during the period. 82.92% of the stock is owned by institutional investors.

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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.

Earnings History for First Horizon National (NYSE:FHN)

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