First Horizon National (FHN) Announces Earnings Results

First Horizon National (NYSE:FHN) posted its quarterly earnings results on Friday. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.01, Bloomberg Earnings reports. The company had revenue of $375.30 million during the quarter, compared to analyst estimates of $368.93 million. First Horizon National had a net margin of 19.36% and a return on equity of 9.40%. First Horizon National’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the firm posted $0.23 EPS.

Shares of First Horizon National (NYSE FHN) opened at $20.16 on Friday. The company has a market cap of $4,722.08, a P/E ratio of 18.00, a PEG ratio of 2.04 and a beta of 1.03. First Horizon National has a one year low of $15.84 and a one year high of $20.86. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.92 and a current ratio of 0.94.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, November 3rd were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.79%. First Horizon National’s payout ratio is 52.17%.

A number of brokerages have recently commented on FHN. Hovde Group raised their price objective on shares of First Horizon National from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Monday, October 16th. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective on the stock in a research note on Tuesday, January 9th. Barclays reaffirmed an “equal weight” rating and set a $21.00 price objective on shares of First Horizon National in a research note on Monday, December 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $20.00 price objective on shares of First Horizon National in a research note on Tuesday, October 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $19.50 price objective on shares of First Horizon National in a research note on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, three have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $22.00.

Hedge funds and other institutional investors have recently modified their holdings of the company. Neuberger Berman Group LLC grew its stake in First Horizon National by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 13,800 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 110 shares during the period. PNC Financial Services Group Inc. grew its stake in First Horizon National by 2.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 286 shares during the period. Pinebridge Investments L.P. grew its stake in First Horizon National by 0.5% in the 2nd quarter. Pinebridge Investments L.P. now owns 123,771 shares of the financial services provider’s stock valued at $2,156,000 after acquiring an additional 587 shares during the period. Gotham Asset Management LLC grew its stake in First Horizon National by 6.6% in the 2nd quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 873 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in First Horizon National by 1.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 69,960 shares of the financial services provider’s stock valued at $1,219,000 after acquiring an additional 1,075 shares during the period. 88.97% of the stock is currently owned by institutional investors and hedge funds.

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About First Horizon National

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.

Earnings History for First Horizon National (NYSE:FHN)

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