Sumitomo Mitsui Asset Management Company LTD lessened its stake in shares of First Horizon National Corp (NYSE:FHN) by 9.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 125,898 shares of the financial services provider’s stock after selling 13,799 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in First Horizon National were worth $1,656,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Virginia National Bank acquired a new stake in First Horizon National in the 4th quarter valued at approximately $3,440,000. IFP Advisors Inc boosted its stake in shares of First Horizon National by 122.6% in the 4th quarter. IFP Advisors Inc now owns 12,756 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 7,025 shares in the last quarter. Bank of Montreal Can grew its position in shares of First Horizon National by 121.4% during the 4th quarter. Bank of Montreal Can now owns 618,007 shares of the financial services provider’s stock worth $8,133,000 after buying an additional 338,913 shares during the period. Dalton Greiner Hartman Maher & Co. lifted its stake in First Horizon National by 9.5% in the 4th quarter. Dalton Greiner Hartman Maher & Co. now owns 1,500,812 shares of the financial services provider’s stock valued at $19,751,000 after acquiring an additional 129,910 shares in the last quarter. Finally, Bridge Creek Capital Management LLC increased its stake in shares of First Horizon National by 17.4% in the fourth quarter. Bridge Creek Capital Management LLC now owns 38,544 shares of the financial services provider’s stock valued at $507,000 after buying an additional 5,700 shares during the period. Hedge funds and other institutional investors own 88.23% of the company’s stock.
A number of research analysts have weighed in on the company. Deutsche Bank upgraded First Horizon National from a “hold” rating to a “buy” rating and set a $20.50 target price on the stock in a report on Monday, November 12th. TheStreet downgraded shares of First Horizon National from a “b-” rating to a “c+” rating in a report on Thursday, December 27th. Morgan Stanley cut their target price on First Horizon National from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 11th. Zacks Investment Research raised First Horizon National from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Raymond James downgraded First Horizon National from an “outperform” rating to a “market perform” rating in a research note on Monday, January 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $20.15.
Shares of FHN stock opened at $15.55 on Thursday. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.53 and a beta of 1.17. First Horizon National Corp has a 52-week low of $12.30 and a 52-week high of $20.52. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.
First Horizon National (NYSE:FHN) last announced its quarterly earnings results on Friday, January 18th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). First Horizon National had a return on equity of 10.22% and a net margin of 24.02%. The business had revenue of $412.80 million during the quarter, compared to analysts’ expectations of $443.30 million. During the same period in the previous year, the business earned ($0.20) EPS. The business’s revenue was up 10.0% compared to the same quarter last year. As a group, equities analysts anticipate that First Horizon National Corp will post 1.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a dividend of $0.14 per share. This is an increase from First Horizon National’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon National’s payout ratio is currently 34.04%.
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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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