First Horizon National (NYSE:FHN) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

First Horizon National (NYSE:FHN) announced its earnings results on Tuesday. The financial services provider reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05, RTT News reports. First Horizon National had a return on equity of 10.14% and a net margin of 24.57%. The firm had revenue of $461.60 million for the quarter, compared to the consensus estimate of $441.32 million. During the same period in the previous year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis.

Shares of First Horizon National stock opened at $15.88 on Thursday. The firm’s 50 day moving average price is $14.52. First Horizon National has a 12 month low of $12.30 and a 12 month high of $19.01. The firm has a market capitalization of $4.98 billion, a PE ratio of 11.26, a P/E/G ratio of 2.17 and a beta of 1.27. The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.25.

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.53%. First Horizon National’s payout ratio is currently 39.72%.

In other First Horizon National news, EVP Susan L. Springfield sold 29,625 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $14.89, for a total transaction of $441,116.25. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through this hyperlink. 1.88% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Weiss Multi Strategy Advisers LLC grew its position in shares of First Horizon National by 90.0% in the fourth quarter. Weiss Multi Strategy Advisers LLC now owns 475,000 shares of the financial services provider’s stock valued at $6,251,000 after purchasing an additional 225,000 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of First Horizon National by 19.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 138,184 shares of the financial services provider’s stock valued at $1,819,000 after purchasing an additional 22,343 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of First Horizon National in the fourth quarter valued at approximately $1,028,000. Pinnacle Associates Ltd. grew its position in shares of First Horizon National by 22.5% in the first quarter. Pinnacle Associates Ltd. now owns 15,235 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 2,800 shares in the last quarter. Finally, CNA Financial Corp grew its position in shares of First Horizon National by 6.5% in the first quarter. CNA Financial Corp now owns 92,300 shares of the financial services provider’s stock valued at $1,290,000 after purchasing an additional 5,600 shares in the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

FHN has been the topic of several research analyst reports. Stephens restated a “neutral” rating on shares of First Horizon National in a research note on Tuesday, April 16th. Piper Jaffray Companies started coverage on First Horizon National in a research note on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price target on the stock. ValuEngine upgraded USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Bank of America upgraded First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 price target on the stock in a research note on Tuesday. Finally, Jefferies Financial Group boosted their price objective on T. Rowe Price Group from $103.00 to $119.00 and gave the company a “buy” rating in a report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. First Horizon National has a consensus rating of “Hold” and a consensus target price of $19.25.

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.

Further Reading: Reverse Stock Split

Earnings History for First Horizon National (NYSE:FHN)

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