Zacks Investment Research downgraded shares of First Horizon National Corporation (NYSE:FHN) from a hold rating to a sell rating in a research note published on Tuesday.
According to Zacks, “First Horizon’s shares have underperformed the Zacks categorized Southeast Banks industry over the last one year. Higher legal costs resulting from numerous litigations are likely to weigh on the company’s profitability. However, the company’s focus on cost control and efforts to strengthen its core Tennessee banking franchise bodes well for the long term growth. Further, the recent interest rate hikes by the Fed has eased the pressure on margin to some extent. Moreover, though lesser regulations on lending and capital levels are not expected any time soon, they are likely to reduce costs of compliance significantly and allow banks to grow lending.”
A number of other brokerages also recently issued reports on FHN. Hovde Group lowered their price target on First Horizon National Corporation from $21.50 to $20.00 and set a market perform rating for the company in a report on Monday, April 17th. Barclays PLC lowered their price target on First Horizon National Corporation from $21.00 to $20.00 and set an equal weight rating for the company in a report on Wednesday, April 19th. ValuEngine raised First Horizon National Corporation from a hold rating to a buy rating in a report on Tuesday, June 13th. BidaskClub raised First Horizon National Corporation from a strong sell rating to a sell rating in a report on Saturday, June 10th. Finally, Stephens reaffirmed a hold rating on shares of First Horizon National Corporation in a report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $19.06.
Shares of First Horizon National Corporation (NYSE FHN) traded down 0.34% during trading on Tuesday, hitting $17.71. 3,082,622 shares of the company traded hands. First Horizon National Corporation has a 52-week low of $14.29 and a 52-week high of $20.84. The company has a 50-day moving average of $17.35 and a 200-day moving average of $18.86. The stock has a market capitalization of $4.14 billion, a PE ratio of 18.26 and a beta of 1.06.
First Horizon National Corporation (NYSE:FHN) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The firm had revenue of $328.37 million during the quarter, compared to the consensus estimate of $331.27 million. First Horizon National Corporation had a return on equity of 9.10% and a net margin of 19.13%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. Equities analysts expect that First Horizon National Corporation will post $1.08 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Friday, June 9th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Wednesday, June 7th. First Horizon National Corporation’s dividend payout ratio (DPR) is presently 32.43%.
In other news, Director Vicki R. Palmer sold 5,211 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $17.65, for a total transaction of $91,974.15. Following the completion of the sale, the director now owns 57,818 shares in the company, valued at $1,020,487.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.09% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in FHN. Neuburgh Advisers LLC boosted its stake in First Horizon National Corporation by 16.1% in the first quarter. Neuburgh Advisers LLC now owns 7,392 shares of the financial services provider’s stock valued at $137,000 after buying an additional 1,024 shares during the period. Glen Harbor Capital Management LLC boosted its stake in First Horizon National Corporation by 16.1% in the first quarter. Glen Harbor Capital Management LLC now owns 10,164 shares of the financial services provider’s stock valued at $188,000 after buying an additional 1,408 shares during the period. Tudor Investment Corp ET AL acquired a new position in First Horizon National Corporation during the first quarter valued at about $189,000. Oakbrook Investments LLC acquired a new position in First Horizon National Corporation during the first quarter valued at about $191,000. Finally, Greenwood Capital Associates LLC acquired a new position in First Horizon National Corporation during the first quarter valued at about $192,000. Institutional investors and hedge funds own 86.22% of the company’s stock.
About First Horizon National Corporation
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Horizon National Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon National Corporation and related companies with MarketBeat.com's FREE daily email newsletter.