Verition Fund Management LLC Invests $343,000 in First Horizon National Corp (FHN) Stock

Verition Fund Management LLC bought a new position in First Horizon National Corp (NYSE:FHN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 17,144 shares of the financial services provider’s stock, valued at approximately $343,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. boosted its stake in First Horizon National by 27.3% in the fourth quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock worth $586,064,000 after buying an additional 6,279,990 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of First Horizon National by 149.5% during the fourth quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock valued at $318,083,000 after purchasing an additional 9,534,594 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of First Horizon National by 93.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock valued at $153,125,000 after purchasing an additional 3,709,208 shares during the period. Parnassus Investments CA boosted its stake in shares of First Horizon National by 16.8% during the fourth quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock valued at $132,064,000 after purchasing an additional 951,931 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of First Horizon National by 8.4% during the fourth quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock valued at $109,840,000 after purchasing an additional 425,157 shares during the period. 82.92% of the stock is owned by institutional investors and hedge funds.

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First Horizon National Corp (NYSE:FHN) opened at $18.38 on Monday. 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 has a market capitalization of $6,007.20, a P/E ratio of 26.64, a P/E/G ratio of 1.85 and a beta of 0.99. First Horizon National Corp has a twelve month low of $15.84 and a twelve month high of $20.86.

First Horizon National (NYSE:FHN) last announced its earnings results on Friday, January 19th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The company had revenue of $375.30 million during the quarter, compared to the consensus estimate of $368.93 million. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. research analysts expect that First Horizon National Corp will post 1.42 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Thursday, March 8th. This is an increase from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio is currently 69.57%.

First Horizon National declared that its Board of Directors has approved a share repurchase plan on Tuesday, January 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of analysts have recently weighed in on FHN shares. UBS started coverage on First Horizon National in a research note on Thursday. They set a “buy” rating and a $25.00 price objective for the company. Royal Bank of Canada reissued a “hold” rating and set a $22.00 price objective on shares of First Horizon National in a research note on Tuesday, December 5th. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price objective for the company in a research note on Monday, January 8th. Barclays reissued an “equal weight” rating and set a $21.00 price objective on shares of First Horizon National in a research note on Monday, December 4th. Finally, Zacks Investment Research raised First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective for the company in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. First Horizon National has a consensus rating of “Hold” and a consensus target price of $22.40.

In related news, insider Michael E. Kisber sold 44,707 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $20.21, for a total transaction of $903,528.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John M. Daniel sold 22,389 shares of the company’s stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $19.79, for a total value of $443,078.31. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 257,096 shares of company stock valued at $5,156,207. 1.75% of the stock is owned by corporate insiders.

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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.

Institutional Ownership by Quarter for First Horizon National (NYSE:FHN)

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