Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of First Horizon National Corp (NYSE:FHN) by 8.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,159 shares of the financial services provider’s stock after acquiring an additional 1,549 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Horizon National were worth $286,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Buffington Mohr McNeal acquired a new position in shares of First Horizon National during the 1st quarter valued at about $30,000. NEXT Financial Group Inc acquired a new position in shares of First Horizon National during the 2nd quarter valued at about $30,000. Steward Partners Investment Advisory LLC acquired a new position in shares of First Horizon National during the 2nd quarter valued at about $38,000. Trustcore Financial Services LLC acquired a new position in shares of First Horizon National during the 1st quarter valued at about $41,000. Finally, ETF Managers Group LLC increased its stake in shares of First Horizon National by 11.4% during the 1st 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 during the last quarter. 87.09% of the stock is owned by institutional investors.
FHN has been the subject of a number of research analyst reports. ValuEngine raised shares of First Horizon National from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 29th. Piper Jaffray Companies initiated coverage on shares of First Horizon National in a research note on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price objective for the company. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Friday, July 19th. Bank of America raised shares of First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 price objective for the company in a research note on Tuesday, July 16th. Finally, UBS Group raised shares of First Horizon National from a “sell” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $18.36.
Shares of NYSE:FHN traded down $0.13 during trading on Tuesday, reaching $15.64. 68,158 shares of the stock were exchanged, compared to its average volume of 3,792,289. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.94 and a current ratio of 0.95. First Horizon National Corp has a 12-month low of $12.30 and a 12-month high of $19.01. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of 11.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.28. The firm’s 50-day moving average price is $15.62 and its 200 day moving average price is $14.91.
First Horizon National (NYSE:FHN) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.05. First Horizon National had a return on equity of 10.14% and a net margin of 24.57%. The business had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $441.32 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts forecast that First Horizon National Corp will post 1.58 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Thursday, September 12th. First Horizon National’s payout ratio is currently 39.72%.
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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