First Horizon National Corp (FHN) Expected to Post Quarterly Sales of $446.27 Million
Equities research analysts predict that First Horizon National Corp (NYSE:FHN) will announce $446.27 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for First Horizon National’s earnings. The lowest sales estimate is $428.40 million and the highest is $485.80 million. First Horizon National reported sales of $306.65 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 45.5%. The company is expected to announce its next quarterly earnings report on Thursday, April 12th.
According to Zacks, analysts expect that First Horizon National will report full year sales of $446.27 million for the current financial year, with estimates ranging from $1.79 billion to $2.00 billion. For the next financial year, analysts forecast that the business will post sales of $1.97 billion per share, with estimates ranging from $1.89 billion to $2.09 billion. Zacks’ sales averages are an average based on a survey of research firms that cover First Horizon National.
First Horizon National (NYSE:FHN) last issued its earnings results on Friday, January 19th. The financial services provider reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.01. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The company had revenue of $375.30 million for the quarter, compared to the consensus estimate of $368.93 million. During the same quarter in the previous year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year.
Shares of First Horizon National (NYSE:FHN) traded up $0.53 during trading hours on Friday, hitting $19.59. 2,952,640 shares of the stock traded hands, compared to its average volume of 3,770,000. First Horizon National has a 52 week low of $15.84 and a 52 week 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 firm has a market cap of $6,400.00, a P/E ratio of 27.99, a PEG ratio of 1.92 and a beta of 0.98.
First Horizon National declared that its board has initiated a share buyback plan on Tuesday, January 23rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors 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 dividend yield of 2.45%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s payout ratio is currently 51.43%.
In related news, Director Peter N. Foss sold 30,000 shares of First Horizon National stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.09% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in First Horizon National by 2.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock worth $214,000 after purchasing an additional 286 shares during the last quarter. Gotham Asset Management LLC raised its holdings in First Horizon National by 6.6% during the 2nd quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 873 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in First Horizon National by 1.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 69,960 shares of the financial services provider’s stock worth $1,219,000 after purchasing an additional 1,075 shares during the last quarter. Quantitative Systematic Strategies LLC raised its holdings in First Horizon National by 3.0% during the 4th quarter. Quantitative Systematic Strategies LLC now owns 107,444 shares of the financial services provider’s stock worth $2,148,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in First Horizon National by 3.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 88,447 shares of the financial services provider’s stock worth $1,694,000 after purchasing an additional 3,222 shares during the last quarter. 64.88% of the stock is owned by hedge funds and other institutional investors.
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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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