State of Tennessee Treasury Department Has $2.90 Million Position in First Horizon National Corp (NYSE:FHN)
State of Tennessee Treasury Department lifted its position in shares of First Horizon National Corp (NYSE:FHN) by 21.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 359,582 shares of the financial services provider’s stock after purchasing an additional 63,626 shares during the quarter. State of Tennessee Treasury Department’s holdings in First Horizon National were worth $2,898,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Twin Tree Management LP acquired a new position in shares of First Horizon National during the first quarter worth about $25,000. Sandy Spring Bank acquired a new position in shares of First Horizon National during the first quarter worth about $32,000. Chevy Chase Trust Holdings Inc. acquired a new position in shares of First Horizon National during the fourth quarter worth about $95,000. Toronto Dominion Bank boosted its position in shares of First Horizon National by 15.6% during the fourth quarter. Toronto Dominion Bank now owns 6,736 shares of the financial services provider’s stock worth $112,000 after buying an additional 908 shares during the period. Finally, NumerixS Investment Technologies Inc acquired a new position in shares of First Horizon National during the fourth quarter worth about $114,000. 94.75% of the stock is owned by institutional investors.
Several research firms have recently weighed in on FHN. Zacks Investment Research cut First Horizon National from a “hold” rating to a “strong sell” rating and set a $9.00 price objective for the company. in a research report on Wednesday, April 15th. Royal Bank of Canada reissued a “hold” rating and set a $9.00 price target on shares of First Horizon National in a research report on Monday, April 13th. Robert W. Baird raised First Horizon National from a “neutral” rating to an “outperform” rating and set a $18.00 price target for the company in a research report on Monday, March 2nd. TheStreet cut First Horizon National from a “b-” rating to a “c” rating in a research report on Monday, March 9th. Finally, ValuEngine raised First Horizon National from a “strong sell” rating to a “sell” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $12.91.
First Horizon National (NYSE:FHN) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.17). The business had revenue of $477.56 million during the quarter, compared to analyst estimates of $478.35 million. First Horizon National had a net margin of 15.46% and a return on equity of 8.87%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.11 earnings per share. As a group, analysts expect that First Horizon National Corp will post 0.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.27%. First Horizon National’s dividend payout ratio (DPR) is currently 36.14%.
In other news, Director Wendy P. Davidson bought 3,000 shares of the stock in a transaction dated Wednesday, April 29th. The shares were bought at an average price of $9.51 per share, for a total transaction of $28,530.00. Following the completion of the purchase, the director now owns 18,942 shares in the company, valued at $180,138.42. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by company insiders.
First Horizon National Company Profile
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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