Deutsche Bank AG boosted its position in First Horizon National Corp (NYSE:FHN) by 11.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,364,453 shares of the financial services provider’s stock after acquiring an additional 138,021 shares during the quarter. Deutsche Bank AG owned 0.42% of First Horizon National worth $27,272,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of FHN. Exane Derivatives acquired a new position in First Horizon National in the fourth quarter valued at $101,000. First Interstate Bank acquired a new position in First Horizon National in the fourth quarter valued at $103,000. Cerebellum GP LLC acquired a new position in First Horizon National in the fourth quarter valued at $124,000. Bartlett & Co. LLC acquired a new position in First Horizon National in the fourth quarter valued at $179,000. Finally, Macquarie Group Ltd. acquired a new position in First Horizon National in the third quarter valued at $182,000. Hedge funds and other institutional investors own 82.92% of the company’s stock.
In other news, Director Peter N. Foss sold 30,000 shares of First Horizon National 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 sale, the director now directly owns 56,220 shares of the company’s stock, valued at $1,142,390.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael E. Kisber sold 44,707 shares of First Horizon National stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $20.21, for a total value of $903,528.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,096 shares of company stock worth $5,156,207. Corporate insiders own 1.75% of the company’s stock.
FHN has been the topic of several research reports. Morgan Stanley raised their price objective on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Zacks Investment Research lowered First Horizon National from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Royal Bank of Canada reissued a “hold” rating and issued a $22.00 price objective on shares of First Horizon National in a research report on Tuesday, December 5th. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price objective on the stock in a research report on Monday, January 8th. Finally, Barclays raised First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research report on Friday, February 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $22.11.
Shares of First Horizon National Corp (NYSE:FHN) opened at $19.80 on Tuesday. First Horizon National Corp has a 52-week low of $15.84 and a 52-week high of $20.86. The stock has a market capitalization of $6,517.06, a PE ratio of 17.80, a PEG ratio of 2.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92.
First Horizon National (NYSE:FHN) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ 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 analyst estimates of $368.93 million. During the same period in the previous year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. research analysts predict that First Horizon National Corp will post 1.42 EPS for the current year.
First Horizon National announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.42%. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, March 8th. First Horizon National’s payout ratio is presently 69.57%.
About First Horizon National
First Horizon National Corporation (FHN) is a bank holding company. The Company provides financial services through its subsidiary, First Tennessee Bank National Association (the Bank). The Company has four segments: regional banking, fixed income, corporate and non-strategic. The Company’s regional banking segment offers financial products and services, including traditional lending and deposit taking, to retail and commercial customers in Tennessee and other selected markets.
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