UBS initiated coverage on shares of First Horizon National (NYSE:FHN) in a research note published on Thursday morning, www.benzinga.com reports. The brokerage issued a buy rating and a $25.00 price objective on the financial services provider’s stock.
FHN has been the topic of a number of other research reports. Vining Sparks raised shares of First Horizon National to a buy rating and set a $25.00 price target on the stock in a research note on Monday, January 8th. Barclays reissued an equal weight rating and issued a $21.00 price target on shares of First Horizon National in a research note on Monday, December 4th. Morgan Stanley lifted their price target on shares of First Horizon National from $20.00 to $22.00 and gave the company an equal weight rating in a research note on Wednesday, December 13th. 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. Finally, Hovde Group set a $22.00 price target on shares of First Horizon National and gave the company a hold rating in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $22.40.
Shares of First Horizon National stock opened at $18.38 on Thursday. The company has a market cap of $6,007.19, a P/E ratio of 26.64, a PEG ratio of 1.86 and a beta of 0.99. First Horizon National has a one year low of $15.84 and a one year high of $20.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92.
The company 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. The ex-dividend date is Thursday, March 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.61%. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio (DPR) is presently 69.57%.
First Horizon National declared that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other First Horizon National 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 transaction, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael E. Kisber sold 44,707 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were 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. Insiders sold a total of 257,096 shares of company stock worth $5,156,207 in the last 90 days. 1.75% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in FHN. Exane Derivatives purchased a new position in First Horizon National in the 4th quarter valued at $101,000. First Interstate Bank purchased a new position in First Horizon National in the 4th quarter valued at $103,000. Cerebellum GP LLC purchased a new position in First Horizon National in the 4th quarter valued at $124,000. Salem Investment Counselors Inc. purchased a new position in First Horizon National in the 4th quarter valued at $165,000. Finally, Bartlett & Co. LLC purchased a new position in First Horizon National in the 4th quarter valued at $179,000. Institutional investors own 82.92% 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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