First Horizon National Corp (FHN) Position Raised by Russell Investments Group Ltd.
Russell Investments Group Ltd. boosted its stake in First Horizon National Corp (NYSE:FHN) by 67.2% during the second quarter, HoldingsChannel reports. The firm owned 875,515 shares of the financial services provider’s stock after buying an additional 351,829 shares during the period. Russell Investments Group Ltd.’s holdings in First Horizon National were worth $15,623,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in FHN. Capital Advantage Inc. purchased a new stake in First Horizon National in the second quarter valued at approximately $100,000. First Mercantile Trust Co. raised its stake in First Horizon National by 91.8% in the first quarter. First Mercantile Trust Co. now owns 7,615 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 3,644 shares in the last quarter. Twin Tree Management LP purchased a new stake in First Horizon National in the first quarter valued at approximately $177,000. Signition LP purchased a new stake in First Horizon National in the second quarter valued at approximately $180,000. Finally, Hartford Investment Management Co. purchased a new stake in First Horizon National in the second quarter valued at approximately $187,000. 84.29% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on FHN shares. SunTrust Banks lowered their target price on shares of First Horizon National to $20.00 and set a “$17.03” rating on the stock in a research note on Wednesday, July 18th. Stephens reaffirmed a “$17.03” rating and issued a $18.50 target price on shares of First Horizon National in a research note on Wednesday, July 18th. UBS Group downgraded shares of First Horizon National from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $19.00 in a research note on Wednesday, July 18th. ValuEngine downgraded shares of First Horizon National from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Finally, Raymond James downgraded shares of First Horizon National from a “strong-buy” rating to an “outperform” rating and set a $19.00 target price on the stock. in a research note on Wednesday, July 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. First Horizon National presently has a consensus rating of “Buy” and a consensus price target of $20.83.
FHN stock opened at $18.37 on Friday. The company has a market cap of $6.03 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 1.12 and a beta of 0.92. First Horizon National Corp has a one year low of $15.84 and a one year high of $20.86. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.28.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $438.46 million for the quarter, compared to the consensus estimate of $447.95 million. First Horizon National had a net margin of 10.74% and a return on equity of 9.64%. analysts anticipate that First Horizon National Corp will post 1.43 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Thursday, September 6th. First Horizon National’s dividend payout ratio (DPR) is presently 43.24%.
About First Horizon National
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. It operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. The company offers general banking services for consumers, businesses, financial institutions, and governments.
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