First Horizon National (FHN) Coverage Initiated at Piper Jaffray

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.



First Horizon National (NYSE:FHN) last issued its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.01. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The business had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. During the same period in the prior year, the business earned $0.23 earnings per share. The business’s revenue was up 17.4% on a year-over-year basis. equities analysts anticipate that First Horizon National will post 1.42 EPS for the current fiscal year.

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.

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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.

Analyst Recommendations for First Horizon National (NYSE:FHN)

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