Riverhead Capital Management LLC Has $496,000 Position in First Horizon National Corp (FHN)

Riverhead Capital Management LLC increased its holdings in First Horizon National Corp (NYSE:FHN) by 44.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,365 shares of the financial services provider’s stock after acquiring an additional 8,100 shares during the period. Riverhead Capital Management LLC’s holdings in First Horizon National were worth $496,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. raised its holdings in shares of First Horizon National by 27.3% in the 4th quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock worth $586,064,000 after acquiring an additional 6,279,990 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of First Horizon National by 149.5% in the 4th quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock worth $318,083,000 after acquiring an additional 9,534,594 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of First Horizon National by 93.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock worth $153,125,000 after acquiring an additional 3,709,208 shares during the last quarter. Parnassus Investments CA raised its holdings in shares of First Horizon National by 16.8% in the 4th quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock worth $132,064,000 after acquiring an additional 951,931 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of First Horizon National by 8.4% in the 4th quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock worth $109,840,000 after acquiring an additional 425,157 shares during the last quarter. Institutional investors own 82.73% of the company’s stock.

In other news, insider Michael E. Kisber sold 44,707 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $20.21, for a total transaction of $903,528.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael E. Kisber sold 160,000 shares of the stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $20.00, for a total transaction of $3,200,000.00. Following the transaction, the insider now directly owns 568,904 shares of the company’s stock, valued at $11,378,080. The disclosure for this sale can be found here. Insiders have sold a total of 227,096 shares of company stock valued at $4,546,607 over the last three months. Insiders own 1.75% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. FIG Partners upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating in a report on Monday, April 16th. Piper Jaffray Companies assumed coverage on shares of First Horizon National in a report on Monday, April 9th. They issued an “overweight” rating and a $22.00 target price on the stock. Hovde Group set a $21.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a report on Monday, April 16th. Wells Fargo & Co upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Thursday, April 5th. Finally, Barclays upgraded shares of First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 price objective for the company in a research note on Friday, February 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $22.17.

NYSE:FHN opened at $19.08 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.89 and a beta of 1.01. First Horizon National Corp has a 52 week low of $15.84 and a 52 week high of $20.86.

First Horizon National (NYSE:FHN) last released its earnings results on Friday, April 13th. The financial services provider reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.04. First Horizon National had a net margin of 12.30% and a return on equity of 9.37%. The firm had revenue of $437.20 million during the quarter, compared to the consensus estimate of $438.60 million. During the same period in the prior year, the firm earned $0.23 EPS. The company’s revenue was up 42.6% compared to the same quarter last year. equities analysts forecast that First Horizon National Corp will post 1.46 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 8th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Thursday, June 7th. First Horizon National’s dividend payout ratio is currently 43.24%.

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.

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

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