First Horizon National (NYSE:FHN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports. They currently have a $16.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 1.07% from the stock’s previous close.
According to Zacks, “Shares of First Horizon have outperformed the industry in the past six months. Also, the company's earnings surprise history is decent, having surpassed the Zacks Consensus Estimate in two of the trailing four quarters and matching in one. The company's efforts to strengthen core Tennessee banking franchise and inorganic growth strategies with support from strong balance sheet position bode well for the long term. Further, improving credit quality is a tailwind. Focus to enhance shareholders’ value through capital deployment activities encourages us. However, pressure on net interest margin (NIM) from lower rates might hurt top line to an extent. Also, persistently increasing costs due to rising compensation and employee benefit expenses might weigh on the bottom line. Moreover, mortgage repurchases and legal issues act as headwinds.”
Several other research firms have also recently weighed in on FHN. Bank of America raised shares of First Horizon National from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Tuesday, November 5th. Wells Fargo & Co increased their price objective on shares of First Horizon National from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods lowered shares of First Horizon National from an “outperform” rating to a “market perform” rating and raised their target price for the company from $17.00 to $17.50 in a report on Wednesday, October 16th. Finally, Raymond James upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $18.00 target price for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $18.19.
First Horizon National (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.01. First Horizon National had a return on equity of 10.34% and a net margin of 19.09%. The company had revenue of $472.40 million for the quarter, compared to analyst estimates of $466.10 million. During the same period in the prior year, the firm posted $0.36 EPS. First Horizon National’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that First Horizon National will post 1.61 EPS for the current year.
In related news, EVP Yousef A. Valine sold 28,249 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.12, for a total transaction of $483,622.88. Following the completion of the sale, the executive vice president now directly owns 229,371 shares in the company, valued at approximately $3,926,831.52. The sale was disclosed in a filing with the SEC, which is available through this link. 1.88% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in FHN. Delta Asset Management LLC TN lifted its stake in shares of First Horizon National by 2.4% in the third quarter. Delta Asset Management LLC TN now owns 44,750 shares of the financial services provider’s stock worth $725,000 after buying an additional 1,058 shares during the last quarter. Signaturefd LLC boosted its holdings in First Horizon National by 63.8% in the second quarter. Signaturefd LLC now owns 2,761 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,075 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of First Horizon National by 9.4% during the second quarter. Advisory Services Network LLC now owns 14,761 shares of the financial services provider’s stock worth $220,000 after buying an additional 1,272 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of First Horizon National by 0.3% in the 3rd quarter. California State Teachers Retirement System now owns 497,158 shares of the financial services provider’s stock worth $8,054,000 after purchasing an additional 1,340 shares during the last quarter. Finally, Hallmark Capital Management Inc. lifted its stake in First Horizon National by 1.0% in the third quarter. Hallmark Capital Management Inc. now owns 152,180 shares of the financial services provider’s stock valued at $2,466,000 after buying an additional 1,495 shares during the period. 81.85% of the stock is currently owned by institutional investors.
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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