First Horizon National (NYSE:FHN) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of First Horizon National (NYSE:FHN) from a hold rating to a buy rating in a report published on Friday, Zacks.com reports. Zacks Investment Research currently has $17.00 target price on the financial services provider’s stock.

According to Zacks, “Shares of First Horizon have outperformed the industry in the past six months. The company's earnings surprise history is decent, having surpassed the Zacks Consensus Estimate in one of the trailing four quarters and matching the same in two. Second-quarter 2019 results reflect top-line strength and lower expenses. The company’s efforts to strengthen its core Tennessee banking franchise and inorganic growth strategies with support from a strong balance sheet position bode well for the long term. Also, focus to enhance shareholders’ value through capital deployment activities encourages us. However, persistently rising expenses due to increasing compensation and employee benefit costs might weigh on the company’s profitability. Further, mortgages repurchase issues and significant exposure to commercial loans are other concerns.”

FHN has been the topic of a number of other reports. Stephens restated a neutral rating on shares of First Horizon National in a research note on Tuesday, April 16th. Bank of America upgraded shares of First Horizon National from an underperform rating to a neutral rating and set a $16.00 price objective on the stock in a research note on Tuesday, July 16th. ValuEngine upgraded shares of USINAS SIDERURG/S from a sell rating to a hold rating in a research note on Wednesday, May 29th. Piper Jaffray Companies began coverage on shares of First Horizon National in a research note on Wednesday, July 3rd. They issued a buy rating and a $18.00 price objective on the stock. Finally, Jefferies Financial Group lifted their price objective on shares of T. Rowe Price Group from $103.00 to $119.00 and gave the company a buy rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $18.25.

Shares of NYSE:FHN opened at $15.95 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 10.78, a P/E/G ratio of 2.05 and a beta of 1.27. First Horizon National has a 12 month low of $12.30 and a 12 month high of $19.01. The stock’s fifty day moving average is $14.60.

First Horizon National (NYSE:FHN) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. The company had revenue of $461.60 million for the quarter, compared to analyst estimates of $441.32 million. First Horizon National had a net margin of 24.57% and a return on equity of 10.14%. First Horizon National’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Research analysts anticipate that First Horizon National will post 1.58 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Thursday, June 13th. First Horizon National’s payout ratio is 39.72%.

In other news, EVP Susan L. Springfield sold 29,625 shares of First Horizon National stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $14.89, for a total value of $441,116.25. Following the sale, the executive vice president now owns 161,006 shares of the company’s stock, valued at $2,397,379.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William C. Losch III sold 62,846 shares of First Horizon National stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $16.00, for a total transaction of $1,005,536.00. Following the completion of the sale, the chief financial officer now directly owns 325,901 shares in the company, valued at approximately $5,214,416. The disclosure for this sale can be found here. In the last ninety days, insiders sold 202,982 shares of company stock worth $3,215,933. Insiders own 1.88% of the company’s stock.

Large investors have recently modified their holdings of the company. Buffington Mohr McNeal purchased a new stake in shares of First Horizon National in the first quarter valued at about $30,000. NEXT Financial Group Inc purchased a new stake in shares of First Horizon National in the second quarter valued at about $30,000. Old North State Trust LLC boosted its holdings in shares of First Horizon National by 643.1% in the first quarter. Old North State Trust LLC now owns 2,378 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 2,058 shares in the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of First Horizon National in the first quarter valued at about $41,000. Finally, ETF Managers Group LLC boosted its holdings in shares of First Horizon National by 11.4% in the first quarter. ETF Managers Group LLC now owns 7,714 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 792 shares in the last quarter. 87.74% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also: Cost of equity and a company’s balance sheet

Get a free copy of the Zacks research report on First Horizon National (FHN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for First Horizon National (NYSE:FHN)

Receive News & Ratings for First Horizon National Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon National and related companies with MarketBeat.com's FREE daily email newsletter.