First Horizon National Corp. (FHN) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “First Horizon continues to face revenue challenges with muted growth in interest income and fee income. The slow rise in interest rates will continue to limit significant expansion in margin. Further, the company is burdened with several litigations which may result in substantial high legal expenses. Additionally, regulatory issues keep us cautious. Nevertheless, the company is well poised to benefit from its organic and inorganic growth strategies. Recently, the company acquired restaurant franchise loans from GE Capital. This transaction is expected to be instantly accretive to First Horizon’s earnings per share. The company is also set to gain from its takeover of TrustAtlantic Financial Corp., completed last year.”
A number of other research analysts have also recently commented on FHN. JPMorgan Chase & Co. reissued a hold rating on shares of First Horizon National Corp. in a report on Saturday, July 9th. Barclays PLC boosted their price target on First Horizon National Corp. from $15.00 to $16.00 and gave the stock an equal weight rating in a report on Monday, July 18th. Finally, Wells Fargo & Co. cut First Horizon National Corp. from a market perform rating to an underperform rating in a report on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $15.03.
First Horizon National Corp. (NYSE:FHN) opened at 15.05 on Tuesday. The company has a market cap of $3.49 billion, a PE ratio of 17.06 and a beta of 1.25. The stock has a 50 day moving average of $15.06 and a 200 day moving average of $14.12. First Horizon National Corp. has a one year low of $11.51 and a one year high of $15.50.
First Horizon National Corp. (NYSE:FHN) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. The company earned $321.78 million during the quarter. First Horizon National Corp. had a return on equity of 8.84% and a net margin of 17.30%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. On average, analysts anticipate that First Horizon National Corp. will post $0.95 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.28 annualized dividend and a yield of 1.86%. First Horizon National Corp.’s payout ratio is presently 30.11%.
In related news, CFO William C. Losch III sold 84,566 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $15.04, for a total transaction of $1,271,872.64. Following the sale, the chief financial officer now owns 300,204 shares in the company, valued at approximately $4,515,068.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Yousef A. Valine sold 59,196 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $15.05, for a total value of $890,899.80. Following the sale, the executive vice president now owns 219,642 shares in the company, valued at approximately $3,305,612.10. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Mariner Wealth Advisors LLC raised its stake in First Horizon National Corp. by 0.3% in the second quarter. Mariner Wealth Advisors LLC now owns 21,235 shares of the financial services provider’s stock valued at $293,000 after buying an additional 56 shares during the last quarter. Utah Retirement Systems raised its stake in First Horizon National Corp. by 0.5% in the second quarter. Utah Retirement Systems now owns 42,047 shares of the financial services provider’s stock valued at $580,000 after buying an additional 200 shares during the last quarter. Raymond James & Associates raised its stake in First Horizon National Corp. by 1.0% in the second quarter. Raymond James & Associates now owns 24,879 shares of the financial services provider’s stock valued at $343,000 after buying an additional 240 shares during the last quarter. Loews Corp raised its stake in First Horizon National Corp. by 2.2% in the second quarter. Loews Corp now owns 14,073 shares of the financial services provider’s stock valued at $194,000 after buying an additional 300 shares during the last quarter. Finally, IBM Retirement Fund raised its stake in First Horizon National Corp. by 1.5% in the second quarter. IBM Retirement Fund now owns 23,273 shares of the financial services provider’s stock valued at $321,000 after buying an additional 336 shares during the last quarter. Institutional investors own 78.37% of the company’s stock.
First Horizon National Corp. Company Profile
First Horizon National Corporation (FHN) is a bank holding company. The Company provides financial services through its subsidiary, First Tennessee Bank National Association (the Bank). The Company has four segments: regional banking, fixed income, corporate and non-strategic. The Company’s regional banking segment offers financial products and services, including traditional lending and deposit taking, to retail and commercial customers in Tennessee and other selected markets.
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