Pinnacle Associates Ltd. acquired a new stake in shares of First Horizon National Corp (NYSE:FHN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,115 shares of the financial services provider’s stock, valued at approximately $382,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Exane Derivatives bought a new position in First Horizon National during the fourth quarter valued at $101,000. Cerebellum GP LLC bought a new position in First Horizon National during the fourth quarter valued at $124,000. Bartlett & Co. LLC bought a new position in First Horizon National during the fourth quarter valued at $179,000. Macquarie Group Ltd. bought a new position in First Horizon National during the third quarter valued at $182,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in First Horizon National by 133.8% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,503 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 5,438 shares during the period. 72.85% of the stock is owned by institutional investors and hedge funds.
First Horizon National Corp (NYSE:FHN) opened at $19.33 on Wednesday. First Horizon National Corp has a twelve month low of $15.84 and a twelve month high of $20.86. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90. The company has a market capitalization of $6,423.63, a price-to-earnings ratio of 17.55, a PEG ratio of 1.98 and a beta of 0.98.
First Horizon National announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be issued 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 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s dividend payout ratio (DPR) is presently 52.17%.
In other news, Director Peter N. Foss sold 30,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $20.32, for a total value of $609,600.00. Following the completion of the transaction, the director now directly owns 56,220 shares of the company’s stock, valued at $1,142,390.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.09% of the stock is owned by company insiders.
Several brokerages have weighed in on FHN. Hovde Group set a $22.00 price objective on First Horizon National and gave the company a “hold” rating in a report on Monday, January 22nd. UBS Group raised First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Barclays increased their price objective on First Horizon National from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley increased their price objective on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Finally, Zacks Investment Research lowered First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $22.11.
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.
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