UBS Group Upgrades First Horizon National (NYSE:FHN) to Buy

First Horizon National (NYSE:FHN) was upgraded by analysts at UBS Group from a “sell” rating to a “buy” rating in a research note issued on Monday, Marketbeat.com reports. The firm currently has a $19.00 price objective on the financial services provider’s stock. UBS Group’s price objective would indicate a potential upside of 20.56% from the stock’s current price.

FHN has been the subject of a number of other reports. Bank of America raised shares of First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 price target for the company in a research report on Tuesday, July 16th. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research report on Friday, July 19th. Stephens reaffirmed a “neutral” rating on shares of First Horizon National in a research report on Tuesday, April 16th. ValuEngine raised shares of First Horizon National from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 29th. Finally, Piper Jaffray Companies started coverage on shares of First Horizon National in a research report on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $18.36.

Shares of NYSE FHN opened at $15.76 on Monday. First Horizon National has a 52-week low of $12.30 and a 52-week high of $19.01. The company’s fifty day moving average is $15.31. The stock has a market cap of $4.89 billion, a PE ratio of 11.18, a PEG ratio of 2.04 and a beta of 1.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.95 and a quick ratio of 0.94.

First Horizon National (NYSE:FHN) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. First Horizon National had a net margin of 24.57% and a return on equity of 10.14%. The firm had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $441.32 million. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts forecast that First Horizon National will post 1.58 earnings per share for the current fiscal year.

In other First Horizon National news, CFO William C. Losch III sold 62,846 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $16.00, for a total value of $1,005,536.00. Following the transaction, the chief financial officer now owns 325,901 shares in the company, valued at approximately $5,214,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John M. Daniel sold 9,663 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $16.39, for a total transaction of $158,376.57. Following the completion of the transaction, the executive vice president now owns 244,870 shares in the company, valued at approximately $4,013,419.30. The disclosure for this sale can be found here. Insiders sold a total of 236,799 shares of company stock worth $3,787,742 in the last quarter. 1.88% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of FHN. LSV Asset Management lifted its holdings in First Horizon National by 346.9% in the 1st quarter. LSV Asset Management now owns 4,341,495 shares of the financial services provider’s stock worth $60,694,000 after buying an additional 3,369,995 shares in the last quarter. Norges Bank acquired a new position in First Horizon National in the 4th quarter worth $37,696,000. First Trust Advisors LP lifted its holdings in First Horizon National by 443.0% in the 1st quarter. First Trust Advisors LP now owns 1,888,718 shares of the financial services provider’s stock worth $26,404,000 after buying an additional 1,540,914 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in First Horizon National by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,449,014 shares of the financial services provider’s stock worth $71,708,000 after buying an additional 428,555 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in First Horizon National by 68.4% in the 1st quarter. Bank of Montreal Can now owns 1,040,809 shares of the financial services provider’s stock worth $14,550,000 after buying an additional 422,802 shares in the last quarter. Hedge funds and other institutional investors own 87.90% of the company’s stock.

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.

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Analyst Recommendations for First Horizon National (NYSE:FHN)

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