EJF Capital LLC Grows Holdings in First Horizon National Corp (FHN)

EJF Capital LLC boosted its position in shares of First Horizon National Corp (NYSE:FHN) by 90.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,657,814 shares of the financial services provider’s stock after purchasing an additional 1,735,314 shares during the quarter. First Horizon National comprises about 4.7% of EJF Capital LLC’s portfolio, making the stock its 5th biggest position. EJF Capital LLC owned 1.13% of First Horizon National worth $63,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in First Horizon National by 0.3% during the 2nd quarter. BlackRock Inc. now owns 29,920,825 shares of the financial services provider’s stock worth $533,786,000 after purchasing an additional 93,719 shares during the period. FMR LLC increased its holdings in First Horizon National by 56.1% during the 3rd quarter. FMR LLC now owns 19,482,189 shares of the financial services provider’s stock worth $336,262,000 after purchasing an additional 7,001,217 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in First Horizon National by 21.7% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 14,669,760 shares of the financial services provider’s stock worth $253,200,000 after purchasing an additional 2,617,314 shares during the period. JPMorgan Chase & Co. increased its holdings in First Horizon National by 2.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,152,621 shares of the financial services provider’s stock worth $123,455,000 after purchasing an additional 192,610 shares during the period. Finally, Parnassus Investments CA increased its holdings in First Horizon National by 5.5% during the 2nd quarter. Parnassus Investments CA now owns 6,559,737 shares of the financial services provider’s stock worth $117,026,000 after purchasing an additional 340,740 shares during the period. Institutional investors own 87.53% of the company’s stock.

Shares of NYSE:FHN opened at $16.30 on Tuesday. First Horizon National Corp has a 12-month low of $14.94 and a 12-month high of $20.86. The firm has a market capitalization of $5.34 billion, a PE ratio of 14.68, a P/E/G ratio of 1.11 and a beta of 0.92. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.26.

First Horizon National (NYSE:FHN) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.36. First Horizon National had a return on equity of 9.60% and a net margin of 18.17%. The business had revenue of $441.81 million for the quarter, compared to the consensus estimate of $448.62 million. During the same period last year, the business posted $0.32 EPS. On average, equities research analysts forecast that First Horizon National Corp will post 1.42 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th will be issued a $0.12 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.94%. First Horizon National’s dividend payout ratio is presently 43.24%.

Several research firms have commented on FHN. ValuEngine downgraded First Horizon National from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 17th. Zacks Investment Research upgraded First Horizon National from a “strong sell” rating to a “hold” rating in a report on Friday, September 14th. Wells Fargo & Co set a $20.00 price objective on First Horizon National and gave the stock a “buy” rating in a report on Tuesday, October 2nd. Finally, Deutsche Bank upgraded First Horizon National from a “hold” rating to a “buy” rating and set a $20.50 price objective on the stock in a report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $20.80.

In related news, insider David T. Popwell purchased 15,750 shares of the business’s stock in a transaction dated Wednesday, October 17th. The shares were acquired at an average cost of $15.88 per share, for a total transaction of $250,110.00. Following the acquisition, the insider now owns 283,692 shares of the company’s stock, valued at approximately $4,505,028.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Yousef A. Valine purchased 3,000 shares of the business’s stock in a transaction dated Wednesday, October 31st. The stock was bought at an average price of $16.29 per share, for a total transaction of $48,870.00. Following the completion of the acquisition, the executive vice president now directly owns 182,363 shares in the company, valued at approximately $2,970,693.27. The disclosure for this purchase can be found here. Insiders bought a total of 68,750 shares of company stock worth $1,086,980 over the last quarter. Company insiders own 1.75% of the company’s stock.

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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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Institutional Ownership by Quarter for First Horizon National (NYSE:FHN)

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