Trade Report: The Zacks Investment Research Lowers First Horizon National Corp. (FHN) to Hold

The Zacks Investment Research Lowers First Horizon National Corp. (FHN) to Hold

Zacks Investment Research downgraded shares of First Horizon National Corp. (NYSE:FHN) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “First Horizon’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. It is well poised to benefit from its inorganic growth strategies. Notably, in Sep 2016 the company completed the acquisition of the restaurant franchise loans from GE Capital which is expected to be instantly accretive to the company’s earnings. The company’s focus on cost control and efforts to strengthen its core Tennessee banking franchise bodes well for the long term. However, the slow rise in interest rates will continue to limit significant expansion in margin. Also, it is burdened with several litigations which may result in substantial high legal expenses. Further, regulatory issues are also likely to adversely impact the company's financials.”

Several other equities research analysts also recently weighed in on FHN. JPMorgan Chase & Co. reaffirmed a hold rating on shares of First Horizon National Corp. in a research note on Saturday, July 9th. Barclays PLC upped their target price on shares of First Horizon National Corp. from $15.00 to $16.00 and gave the stock an equal weight rating in a research note on Monday, July 18th. Wells Fargo & Co. downgraded shares of First Horizon National Corp. from a market perform rating to an underperform rating in a research note on Tuesday, August 23rd. Hovde Group downgraded shares of First Horizon National Corp. from an outperform rating to a market perform rating and set a $16.50 target price on the stock. in a research note on Monday, September 26th. Finally, Deutsche Bank AG upped their target price on shares of First Horizon National Corp. from $13.50 to $15.50 and gave the stock a hold rating in a research note on Monday, September 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $15.50.

Shares of First Horizon National Corp. (NYSE:FHN) opened at 15.58 on Friday. The stock has a market capitalization of $3.61 billion, a PE ratio of 17.66 and a beta of 1.16. First Horizon National Corp. has a 12 month low of $11.51 and a 12 month high of $15.83. The stock’s 50 day moving average is $15.22 and its 200 day moving average is $14.36.

First Horizon National Corp. (NYSE:FHN) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $321.78 million for the quarter. First Horizon National Corp. had a net margin of 17.30% and a return on equity of 8.84%. First Horizon National Corp.’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $0.22 earnings per share. Analysts anticipate that First Horizon National Corp. will post $0.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Wednesday, September 7th. First Horizon National Corp.’s payout ratio is 30.11%.

In other news, EVP John M. Daniel sold 53,048 shares of the company’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $14.93, for a total value of $792,006.64. Following the completion of the transaction, the executive vice president now owns 283,103 shares in the company, valued at approximately $4,226,727.79. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman D Bryan Jordan sold 461,187 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $15.05, for a total transaction of $6,940,864.35. Following the completion of the transaction, the chairman now owns 821,178 shares of the company’s stock, valued at approximately $12,358,728.90. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Aperio Group LLC boosted its position in shares of First Horizon National Corp. by 12.3% in the first quarter. Aperio Group LLC now owns 124,037 shares of the financial services provider’s stock valued at $1,625,000 after buying an additional 13,543 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in shares of First Horizon National Corp. by 27.4% in the first quarter. Nisa Investment Advisors L.L.C. now owns 74,342 shares of the financial services provider’s stock worth $974,000 after buying an additional 16,000 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of First Horizon National Corp. by 232.4% in the first quarter. IFP Advisors Inc now owns 17,689 shares of the financial services provider’s stock worth $232,000 after buying an additional 12,368 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of First Horizon National Corp. during the first quarter worth $385,000. Finally, BlackRock Inc. boosted its stake in shares of First Horizon National Corp. by 10.5% in the first quarter. BlackRock Inc. now owns 106,805 shares of the financial services provider’s stock worth $1,399,000 after buying an additional 10,145 shares in the last quarter. Institutional investors and hedge funds own 78.37% of the company’s stock.

First Horizon National Corp. Company Profile

First Horizon National Corporation (FHN) is a bank holding company. The Company provides financial services through its subsidiary, First Tennessee Bank National Association (the Bank). The Company has four segments: regional banking, fixed income, corporate and non-strategic. The Company’s regional banking segment offers financial products and services, including traditional lending and deposit taking, to retail and commercial customers in Tennessee and other selected markets.

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