New England Research & Management Inc. purchased a new position in First Horizon National Corp (NYSE:FHN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,450 shares of the financial services provider’s stock, valued at approximately $190,000.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its position in First Horizon National by 2.1% during the second quarter. BlackRock Inc. now owns 29,968,737 shares of the financial services provider’s stock worth $447,432,000 after acquiring an additional 616,168 shares during the last quarter. First Trust Advisors LP lifted its stake in First Horizon National by 15.7% in the 3rd quarter. First Trust Advisors LP now owns 3,171,723 shares of the financial services provider’s stock worth $51,382,000 after purchasing an additional 430,843 shares in the last quarter. Millennium Management LLC lifted its stake in First Horizon National by 1,816.1% in 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. Royal Bank of Canada boosted its holdings in shares of First Horizon National by 3.8% during the 2nd quarter. Royal Bank of Canada now owns 1,469,619 shares of the financial services provider’s stock worth $21,941,000 after purchasing an additional 53,872 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of First Horizon National by 10.5% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,255,709 shares of the financial services provider’s stock worth $20,342,000 after purchasing an additional 118,835 shares during the last quarter. 81.82% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Yousef A. Valine sold 28,249 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 229,371 shares in the company, valued at $3,926,831.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.88% of the company’s stock.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.01. The business had revenue of $472.40 million during the quarter, compared to analysts’ expectations of $466.10 million. First Horizon National had a net margin of 19.09% and a return on equity of 10.34%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS. As a group, equities analysts anticipate that First Horizon National Corp will post 1.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Thursday, December 12th. First Horizon National’s payout ratio is presently 39.72%.
Several equities research analysts recently commented on FHN shares. ValuEngine raised First Horizon National from a “strong sell” rating to a “sell” rating in a report on Friday, January 3rd. Wells Fargo & Co lifted their price objective on First Horizon National from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Bank of America raised First Horizon National from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods cut First Horizon National from an “outperform” rating to a “market perform” rating and upped their target price for the company from $17.00 to $17.50 in a report on Wednesday, October 16th. Finally, Zacks Investment Research cut First Horizon National from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. First Horizon National has an average rating of “Hold” and an average target price of $18.21.
First Horizon National 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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