First Horizon National (FHN) Announces Quarterly Earnings Results

First Horizon National (NYSE:FHN) posted its earnings results on Friday. The financial services provider reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01, Bloomberg Earnings reports. The company had revenue of $375.30 million for the quarter, compared to analyst estimates of $368.93 million. First Horizon National had a net margin of 19.36% and a return on equity of 9.40%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the business posted $0.23 earnings per share.

Shares of First Horizon National (NYSE:FHN) traded down $0.05 during trading hours on Friday, hitting $20.16. 7,389,827 shares of the company were exchanged, compared to its average volume of 2,509,045. First Horizon National has a fifty-two week low of $15.84 and a fifty-two week high of $20.86. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $4,722.08, a price-to-earnings ratio of 29.22, a price-to-earnings-growth ratio of 2.04 and a beta of 1.03.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, November 3rd were issued a dividend of $0.09 per share. The ex-dividend date was Thursday, November 2nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.79%. First Horizon National’s payout ratio is 52.17%.

Large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its stake in First Horizon National by 137.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,862,020 shares of the financial services provider’s stock valued at $84,697,000 after buying an additional 2,817,897 shares during the last quarter. NWQ Investment Management Company LLC acquired a new stake in First Horizon National in the 3rd quarter valued at $50,493,000. Janus Henderson Group PLC increased its stake in First Horizon National by 738.1% in the 3rd quarter. Janus Henderson Group PLC now owns 2,131,536 shares of the financial services provider’s stock valued at $40,819,000 after buying an additional 1,877,196 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in First Horizon National by 56.1% in the 2nd quarter. Lord Abbett & CO. LLC now owns 4,270,239 shares of the financial services provider’s stock valued at $74,388,000 after buying an additional 1,534,966 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new stake in First Horizon National in the 3rd quarter valued at $27,689,000. Institutional investors and hedge funds own 88.97% of the company’s stock.

Several equities research analysts have weighed in on FHN shares. Morgan Stanley reiterated an “equal weight” rating and issued a $19.50 target price on shares of First Horizon National in a report on Wednesday, September 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $20.00 target price on shares of First Horizon National in a report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of First Horizon National from a “sell” rating to a “hold” rating in a report on Monday, October 9th. Hovde Group increased their target price on shares of First Horizon National from $20.00 to $21.00 and gave the stock a “market perform” rating in a report on Monday, October 16th. Finally, Raymond James Financial increased their target price on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $22.00.

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First Horizon National Company Profile

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.

Earnings History for First Horizon National (NYSE:FHN)

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