Segall Bryant & Hamill LLC increased its stake in First Horizon National Corporation (NYSE:FHN) by 30.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,906 shares of the financial services provider’s stock after buying an additional 48,805 shares during the period. Segall Bryant & Hamill LLC owned 0.09% of First Horizon National worth $3,981,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL raised its stake in First Horizon National by 15.2% in the second quarter. Virginia Retirement Systems ET AL now owns 105,600 shares of the financial services provider’s stock worth $1,840,000 after buying an additional 13,900 shares in the last quarter. CNA Financial Corp raised its stake in First Horizon National by 11.9% in the second quarter. CNA Financial Corp now owns 64,800 shares of the financial services provider’s stock worth $1,129,000 after buying an additional 6,900 shares in the last quarter. Sei Investments Co. raised its stake in First Horizon National by 4.6% in the second quarter. Sei Investments Co. now owns 63,199 shares of the financial services provider’s stock worth $1,101,000 after buying an additional 2,761 shares in the last quarter. Icon Advisers Inc. Co. bought a new position in First Horizon National in the second quarter worth about $620,000. Finally, JPMorgan Chase & Co. raised its stake in First Horizon National by 4.0% in the second quarter. JPMorgan Chase & Co. now owns 6,666,134 shares of the financial services provider’s stock worth $116,124,000 after buying an additional 258,298 shares in the last quarter. 89.03% of the stock is owned by institutional investors.
In other news, Director R Brad Martin sold 5,449 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $19.25, for a total transaction of $104,893.25. Following the sale, the director now owns 482,188 shares in the company, valued at $9,282,119. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO William C. Losch III sold 45,107 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $18.63, for a total transaction of $840,343.41. Following the completion of the sale, the chief financial officer now owns 275,497 shares in the company, valued at approximately $5,132,509.11. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,056 shares of company stock worth $1,010,022. Corporate insiders own 2.09% of the company’s stock.
First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.02. First Horizon National had a net margin of 19.36% and a return on equity of 9.40%. The firm had revenue of $337.00 million for the quarter, compared to analysts’ expectations of $340.48 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. sell-side analysts forecast that First Horizon National Corporation will post 1.11 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, November 3rd will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 2nd. First Horizon National’s payout ratio is 32.14%.
A number of equities research analysts have weighed in on FHN shares. Raymond James Financial upped their price objective on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Morgan Stanley restated an “equal weight” rating and issued a $20.00 price objective (up previously from $19.50) on shares of First Horizon National in a report on Wednesday, October 4th. UBS upgraded shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Zacks Investment Research cut shares of First Horizon National from a “buy” rating to a “sell” rating in a report on Tuesday, September 19th. Finally, ValuEngine cut shares of First Horizon National from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $20.75.
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First Horizon National 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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