First Horizon National Corp (NYSE:FHN) Expected to Announce Quarterly Sales of $470.69 Million

Posted by Anthony Sawyer on Dec 24th, 2019

Wall Street analysts expect that First Horizon National Corp (NYSE:FHN) will announce sales of $470.69 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for First Horizon National’s earnings. The lowest sales estimate is $464.10 million and the highest is $483.25 million. First Horizon National posted sales of $412.79 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14%. The business is scheduled to issue its next earnings report on Friday, January 17th.

On average, analysts expect that First Horizon National will report full-year sales of $1.84 billion for the current fiscal year, with estimates ranging from $1.82 billion to $1.86 billion. For the next financial year, analysts anticipate that the company will post sales of $2.54 billion, with estimates ranging from $2.49 billion to $2.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover First Horizon National.

First Horizon National (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. First Horizon National had a return on equity of 10.34% and a net margin of 19.09%. The business had revenue of $472.40 million for the quarter, compared to analyst estimates of $466.10 million. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year.

FHN has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of First Horizon National from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research report on Wednesday, December 4th. Raymond James raised shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $18.00 price objective on the stock in a research report on Thursday, August 29th. ValuEngine cut shares of First Horizon National from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 18th. Bank of America raised shares of First Horizon National from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Co lifted their target price on shares of First Horizon National from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $18.21.

In related news, EVP Yousef A. Valine sold 28,249 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.12, for a total value of $483,622.88. Following the completion of the sale, the executive vice president now directly owns 229,371 shares in the company, valued at approximately $3,926,831.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.88% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in FHN. First Trust Advisors LP grew its position in First Horizon National by 15.7% during the third quarter. First Trust Advisors LP now owns 3,171,723 shares of the financial services provider’s stock worth $51,382,000 after buying an additional 430,843 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of First Horizon National by 91.3% during the 3rd quarter. Squarepoint Ops LLC now owns 737,380 shares of the financial services provider’s stock valued at $11,946,000 after acquiring an additional 351,963 shares during the period. Gamco Investors INC. ET AL lifted its position in shares of First Horizon National by 3.8% during the 2nd quarter. Gamco Investors INC. ET AL now owns 55,000 shares of the financial services provider’s stock valued at $821,000 after acquiring an additional 2,000 shares during the period. Millennium Management LLC grew its holdings in shares of First Horizon National by 1,816.1% during the 3rd quarter. Millennium Management LLC now owns 2,764,117 shares of the financial services provider’s stock worth $44,778,000 after purchasing an additional 2,619,861 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of First Horizon National by 258.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 412,316 shares of the financial services provider’s stock worth $6,680,000 after purchasing an additional 297,207 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors and hedge funds.

First Horizon National stock traded up $0.01 during mid-day trading on Thursday, hitting $16.59. 791,100 shares of the company’s stock traded hands, compared to its average volume of 3,293,383. The firm has a 50 day simple moving average of $16.38 and a two-hundred day simple moving average of $15.79. First Horizon National has a fifty-two week low of $12.30 and a fifty-two week high of $17.42. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.25 and a beta of 1.29. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.96 and a quick ratio of 0.94.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, December 12th. This represents a $0.56 annualized dividend and a yield of 3.38%. First Horizon National’s payout ratio is currently 39.72%.

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.

First Horizon National Corp (NYSE:FHN) Expected to Announce Quarterly Sales of $470.69 Million

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