Goldman Sachs Group Inc. grew its position in shares of First Horizon National Corp (NYSE:FHN) by 93.9% in the 4th quarter, Holdings Channel reports. The fund owned 7,660,074 shares of the financial services provider’s stock after buying an additional 3,709,208 shares during the quarter. Goldman Sachs Group Inc.’s holdings in First Horizon National were worth $153,125,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of FHN. Exane Derivatives bought a new position in First Horizon National in the fourth quarter worth about $101,000. First Interstate Bank bought a new position in First Horizon National in the fourth quarter worth about $103,000. Cerebellum GP LLC bought a new position in First Horizon National in the fourth quarter worth about $124,000. Bartlett & Co. LLC bought a new position in First Horizon National in the fourth quarter worth about $179,000. Finally, Macquarie Group Ltd. bought a new position in First Horizon National in the third quarter worth about $182,000. 82.92% of the stock is owned by hedge funds and other institutional investors.
FHN has been the subject of a number of research reports. Barclays increased their price target on shares of First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research downgraded shares of First Horizon National from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Hovde Group set a $22.00 price target on shares of First Horizon National and gave the stock a “hold” rating in a research note on Monday, January 22nd. Morgan Stanley increased their price target on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $22.00 price target on shares of First Horizon National in a research note on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $22.11.
First Horizon National (NYSE:FHN) last announced its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.01. The business had revenue of $375.30 million for the quarter, compared to analysts’ expectations of $368.93 million. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 earnings per share. equities analysts expect that First Horizon National Corp will post 1.42 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, March 8th. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio is 69.57%.
First Horizon National announced that its Board of Directors has authorized 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 an indication that the company’s board believes its shares are undervalued.
In other First Horizon National news, insider Michael E. Kisber sold 44,707 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $20.21, for a total value of $903,528.47. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Peter N. Foss sold 30,000 shares of the company’s 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 completion of the sale, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 234,707 shares of company stock worth $4,713,128. Corporate insiders own 2.09% of the company’s stock.
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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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