Pacer Advisors Inc. bought a new position in First Horizon National Corp (NYSE:FHN) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 126,603 shares of the financial services provider’s stock, valued at approximately $1,890,000.
A number of other large investors have also recently added to or reduced their stakes in FHN. NEXT Financial Group Inc purchased a new position in shares of First Horizon National during the 2nd quarter valued at $30,000. Steward Partners Investment Advisory LLC purchased a new stake in First Horizon National during the second quarter valued at about $38,000. Trustcore Financial Services LLC purchased a new stake in First Horizon National during the first quarter valued at about $41,000. Signaturefd LLC lifted its holdings in First Horizon National by 63.8% during the second quarter. Signaturefd LLC now owns 2,761 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,075 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in First Horizon National by 283.1% during the second quarter. Parallel Advisors LLC now owns 3,479 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,571 shares during the period. 84.60% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently issued reports on FHN shares. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report 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 report on Tuesday, July 16th. Raymond James upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $18.00 price objective for the company in a research note on Thursday, August 29th. ValuEngine raised shares of First Horizon National from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 29th. Finally, UBS Group upgraded First Horizon National from a “sell” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.31.
First Horizon National (NYSE:FHN) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $461.60 million for the quarter, compared to analyst estimates of $441.32 million. During the same quarter in the prior year, the firm posted $0.36 EPS. First Horizon National’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts anticipate that First Horizon National Corp will post 1.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.43%. First Horizon National’s dividend payout ratio (DPR) is currently 39.72%.
In other news, EVP John M. Daniel sold 9,663 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $4,013,419.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Yousef A. Valine sold 38,817 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $16.03, for a total transaction of $622,236.51. Following the completion of the transaction, the executive vice president now owns 239,939 shares in the company, valued at $3,846,222.17. The disclosure for this sale can be found here. Insiders have sold a total of 275,616 shares of company stock valued at $4,409,979 over the last 90 days. Company insiders own 1.88% of the company’s stock.
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.
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