Piper Jaffray assumed coverage on shares of First Horizon National (NYSE:FHN) in a research report released on Monday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $22.00 price objective on the financial services provider’s stock. Piper Jaffray also issued estimates for First Horizon National’s Q1 2018 earnings at $0.31 EPS, Q2 2018 earnings at $0.35 EPS, Q3 2018 earnings at $0.38 EPS, Q4 2018 earnings at $0.39 EPS, FY2018 earnings at $1.44 EPS, Q1 2019 earnings at $0.39 EPS, Q2 2019 earnings at $0.42 EPS, Q3 2019 earnings at $0.44 EPS, Q4 2019 earnings at $0.44 EPS and FY2019 earnings at $1.70 EPS.
Several other analysts also recently issued reports on FHN. Wells Fargo upgraded First Horizon National from a market perform rating to an outperform rating and set a $21.00 price objective on the stock in a research report on Thursday, April 5th. Zacks Investment Research upgraded First Horizon National from a hold rating to a strong-buy rating and set a $23.00 target price for the company in a research note on Tuesday, January 9th. Hovde Group set a $22.00 target price on First Horizon National and gave the company a hold rating in a research note on Monday, January 22nd. Barclays upped their target price on 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. Finally, Vining Sparks upgraded First Horizon National to a buy rating and set a $25.00 target price for the company in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. First Horizon National has a consensus rating of Buy and a consensus price target of $22.25.
Shares of NYSE:FHN opened at $19.00 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. First Horizon National has a 52-week low of $15.84 and a 52-week high of $20.86. The firm has a market capitalization of $6,157.54, a PE ratio of 17.12, a P/E/G ratio of 1.89 and a beta of 0.99.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 9th were paid a $0.12 dividend. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a yield of 2.53%. The ex-dividend date was Thursday, March 8th. First Horizon National’s dividend payout ratio is presently 43.24%.
First Horizon National declared that its board has approved a stock buyback plan on Tuesday, January 23rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the sale, the director now directly owns 56,220 shares in the company, valued at $1,142,390.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John M. Daniel sold 22,389 shares of the company’s stock in a transaction dated 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 257,096 shares of company stock valued at $5,156,207 over the last quarter. Insiders own 1.75% of the company’s stock.
A number of large investors have recently made changes to their positions in FHN. Exane Derivatives acquired a new stake in First Horizon National during the fourth quarter worth about $101,000. First Interstate Bank acquired a new stake in First Horizon National during the fourth quarter worth about $103,000. Cerebellum GP LLC acquired a new stake in First Horizon National during the fourth quarter worth about $124,000. Salem Investment Counselors Inc. acquired a new stake in First Horizon National during the fourth quarter worth about $165,000. Finally, Bartlett & Co. LLC acquired a new stake in First Horizon National during the fourth quarter worth about $179,000. Institutional investors own 82.92% of the company’s stock.
TRADEMARK VIOLATION WARNING: This report was posted by Dakota Financial News and is the sole property of of Dakota Financial News. If you are accessing this report on another domain, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The legal version of this report can be viewed at https://dakotafinancialnews.com/2018/04/13/first-horizon-national-fhn-coverage-initiated-at-piper-jaffray.html.
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.
Receive News & Ratings for First Horizon National Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon National and related companies with MarketBeat.com's FREE daily email newsletter.