First Horizon National Corporation (NYSE:FHN) Downgraded by Zacks Investment Research to Sell
First Horizon National Corporation (NYSE:FHN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, July 11th.
According to Zacks, “First Horizon’s shares have underperformed the Zacks categorized Southeast Banks industry over the last one year. Higher legal costs resulting from numerous litigations are likely to weigh on the company’s profitability. However, the company’s focus on cost control and efforts to strengthen its core Tennessee banking franchise bodes well for the long term growth. Further, the recent interest rate hikes by the Fed has eased the pressure on margin to some extent. Moreover, though lesser regulations on lending and capital levels are not expected any time soon, they are likely to reduce costs of compliance significantly and allow banks to grow lending.”
Other equities research analysts have also issued reports about the company. ValuEngine upgraded First Horizon National Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 target price on shares of First Horizon National Corporation in a report on Monday, June 12th. Barclays PLC reduced their target price on First Horizon National Corporation from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 19th. Royal Bank Of Canada reissued a “hold” rating and issued a $20.00 target price on shares of First Horizon National Corporation in a report on Friday, July 7th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of First Horizon National Corporation in a report on Monday, July 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $19.57.
First Horizon National Corporation (NYSE:FHN) remained flat at $17.74 during trading on Tuesday. 1,341,639 shares of the stock were exchanged. The company’s 50-day moving average price is $17.50 and its 200-day moving average price is $18.44. The stock has a market cap of $4.15 billion, a P/E ratio of 15.98 and a beta of 1.06. First Horizon National Corporation has a 52-week low of $14.39 and a 52-week high of $20.84.
First Horizon National Corporation (NYSE:FHN) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.01. First Horizon National Corporation had a return on equity of 9.10% and a net margin of 19.13%. The company had revenue of $328.37 million for the quarter, compared to analyst estimates of $331.27 million. During the same period in the prior year, the company posted $0.24 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. Equities analysts anticipate that First Horizon National Corporation will post $1.10 EPS for the current fiscal year.
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In related news, Director Vicki R. Palmer sold 5,211 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $17.65, for a total value of $91,974.15. Following the completion of the sale, the director now owns 57,818 shares in the company, valued at approximately $1,020,487.70. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.09% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in FHN. Nationwide Fund Advisors boosted its stake in First Horizon National Corporation by 6.2% in the first quarter. Nationwide Fund Advisors now owns 413,151 shares of the financial services provider’s stock worth $7,643,000 after buying an additional 24,172 shares in the last quarter. Oakbrook Investments LLC purchased a new stake in First Horizon National Corporation during the first quarter worth approximately $191,000. Patten & Patten Inc. TN boosted its stake in First Horizon National Corporation by 91.8% in the first quarter. Patten & Patten Inc. TN now owns 25,692 shares of the financial services provider’s stock worth $475,000 after buying an additional 12,299 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in First Horizon National Corporation by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 59,000 shares of the financial services provider’s stock worth $1,092,000 after buying an additional 1,300 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new stake in First Horizon National Corporation during the first quarter worth approximately $556,000. Institutional investors and hedge funds own 85.83% of the company’s stock.
First Horizon National Corporation 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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