FMR LLC boosted its stake in shares of First Horizon National Corp (NYSE:FHN) by 0.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,573,376 shares of the financial services provider’s stock after purchasing an additional 150,026 shares during the quarter. FMR LLC owned about 8.43% of First Horizon National worth $371,496,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Buffington Mohr McNeal acquired a new position in First Horizon National during the first quarter worth about $30,000. Old North State Trust LLC boosted its holdings in First Horizon National by 643.1% in the first quarter. Old North State Trust LLC now owns 2,378 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 2,058 shares during the last quarter. Trustcore Financial Services LLC bought a new stake in First Horizon National in the first quarter valued at approximately $41,000. Toronto Dominion Bank bought a new stake in First Horizon National in the fourth quarter valued at approximately $73,000. Finally, Laurel Wealth Advisors LLC bought a new stake in First Horizon National in the fourth quarter valued at approximately $105,000. 87.96% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Susan L. Springfield sold 29,625 shares of First Horizon National stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $14.89, for a total transaction of $441,116.25. Following the sale, the executive vice president now directly owns 161,006 shares in the company, valued at $2,397,379.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.88% of the company’s stock.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $435.60 million during the quarter, compared to the consensus estimate of $428.95 million. First Horizon National had a return on equity of 10.02% and a net margin of 23.95%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 EPS. Sell-side analysts predict that First Horizon National Corp will post 1.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.56 annualized dividend and a dividend yield of 3.71%. First Horizon National’s dividend payout ratio is presently 39.72%.
Several analysts recently commented on the company. Jefferies Financial Group upped their target price on T. Rowe Price Group from $103.00 to $119.00 and gave the company a “buy” rating in a report on Monday, April 1st. ValuEngine upgraded USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Piper Jaffray Companies started coverage on First Horizon National in a report on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price target on the stock. Zacks Investment Research cut i3 Verticals from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Finally, Stephens restated a “neutral” rating on shares of First Horizon National in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $19.75.
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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