Brokerages Set First Horizon National Corp (FHN) Target Price at $22.11

Shares of First Horizon National Corp (NYSE:FHN) have been assigned an average rating of “Buy” from the fourteen research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, three have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $22.11.

FHN has been the topic of a number of research reports. Morgan Stanley lifted their price target on shares of First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $22.00 price target on shares of First Horizon National in a research note on Tuesday, December 5th. Raymond James Financial boosted their price objective on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Vining Sparks raised shares of First Horizon National to a “buy” rating and set a $25.00 price objective on the stock in a research report on Monday, January 8th. Finally, UBS Group raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, November 8th.

In other news, Director Peter N. Foss sold 30,000 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the sale, the director now owns 56,220 shares of the company’s stock, valued at $1,142,390.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.09% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in First Horizon National by 2.4% during the second quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 286 shares in the last quarter. Gotham Asset Management LLC raised its position in First Horizon National by 6.6% during the second quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 873 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in First Horizon National by 1.6% during the second quarter. Ameritas Investment Partners Inc. now owns 69,960 shares of the financial services provider’s stock worth $1,219,000 after acquiring an additional 1,075 shares in the last quarter. Quantitative Systematic Strategies LLC raised its position in First Horizon National by 3.0% during the fourth quarter. Quantitative Systematic Strategies LLC now owns 107,444 shares of the financial services provider’s stock worth $2,148,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in First Horizon National by 3.8% during the third quarter. Public Employees Retirement System of Ohio now owns 88,447 shares of the financial services provider’s stock worth $1,694,000 after acquiring an additional 3,222 shares in the last quarter. 64.30% of the stock is currently owned by hedge funds and other institutional investors.

Shares of First Horizon National (FHN) traded up $0.10 on Friday, reaching $19.51. 1,218,354 shares of the company’s stock were exchanged, compared to its average volume of 3,598,744. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92. First Horizon National has a 1 year low of $15.84 and a 1 year high of $20.86. The company has a market capitalization of $6,263.53, a price-to-earnings ratio of 28.13, a P/E/G ratio of 1.93 and a beta of 0.98.

First Horizon National (NYSE:FHN) last announced its quarterly earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.01. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. The firm had revenue of $375.30 million for the quarter, compared to analyst estimates of $368.93 million. During the same quarter in the previous year, the firm posted $0.23 earnings per share. The business’s revenue was up 17.4% on a year-over-year basis. research analysts forecast that First Horizon National will post 1.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 9th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Thursday, March 8th. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s payout ratio is currently 52.17%.

First Horizon National announced that its Board of Directors has approved a share buyback program on Tuesday, January 23rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

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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.

Analyst Recommendations for First Horizon National (NYSE:FHN)

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