FIG Partners Upgrades First Horizon National (FHN) to “Outperform”

First Horizon National (NYSE:FHN) was upgraded by FIG Partners from a “market perform” rating to an “outperform” rating in a report issued on Monday, The Fly reports.

Other analysts have also issued reports about the stock. Piper Jaffray began coverage on shares of First Horizon National in a research note on Monday, April 9th. They set an “overweight” rating and a $22.00 target price for the company. Vining Sparks raised shares of First Horizon National to a “buy” rating and set a $25.00 target price for the company in a research note on Monday, January 8th. Barclays raised shares of First Horizon National from an “equal weight” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Friday, February 9th. Hovde Group set a $22.00 target price on shares of First Horizon National and gave the company a “hold” rating in a research note on Monday, January 22nd. Finally, Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 target price for the company in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $22.25.

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FHN stock opened at $18.80 on Monday. First Horizon National has a 12 month low of $15.84 and a 12 month high of $20.86. The company has a market cap of $6,144.47, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27.

First Horizon National (NYSE:FHN) last released its earnings results on Friday, April 13th. The financial services provider reported $0.34 EPS for the quarter, beating the consensus estimate of $0.30 by $0.04. First Horizon National had a net margin of 12.30% and a return on equity of 10.17%. The business had revenue of $437.20 million during the quarter, compared to analyst estimates of $438.60 million. During the same period in the prior year, the business earned $0.23 earnings per share. The business’s quarterly revenue was up 42.6% on a year-over-year basis. equities analysts predict that First Horizon National will post 1.42 earnings per share for the current fiscal year.

First Horizon National announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the transaction, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John M. Daniel sold 22,389 shares of the company’s stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $19.79, for a total transaction of $443,078.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 257,096 shares of company stock valued at $5,156,207. 1.75% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in FHN. Franklin Resources Inc. increased its stake in First Horizon National by 149.5% in the 4th quarter. Franklin Resources Inc. now owns 15,912,075 shares of the financial services provider’s stock valued at $318,083,000 after buying an additional 9,534,594 shares during the period. BlackRock Inc. increased its stake in First Horizon National by 27.3% in the 4th quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock valued at $586,064,000 after buying an additional 6,279,990 shares during the period. Oak Hill Capital Management LLC acquired a new position in First Horizon National in the 4th quarter valued at approximately $107,835,000. Goldman Sachs Group Inc. increased its stake in First Horizon National by 93.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,660,074 shares of the financial services provider’s stock valued at $153,125,000 after buying an additional 3,709,208 shares during the period. Finally, Janus Henderson Group PLC increased its stake in First Horizon National by 738.1% in the 3rd quarter. Janus Henderson Group PLC now owns 2,131,536 shares of the financial services provider’s stock valued at $40,819,000 after buying an additional 1,877,196 shares during the period. Hedge funds and other institutional investors own 82.92% of the company’s stock.

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First Horizon National Company 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.

The Fly

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