Zacks Investment Research upgraded shares of First Horizon National (NYSE:FHN) from a hold rating to a buy rating in a research report released on Friday morning, Zacks.com reports. They currently have $17.00 target price on the financial services provider’s stock.
According to Zacks, “Shares of First Horizon have outperformed the industry in the past six months. The company's earnings surprise history is decent, having surpassed the Zacks Consensus Estimate in one of the trailing four quarters and matching the same in two. Second-quarter 2019 results reflect top-line strength and lower expenses. The company’s efforts to strengthen its core Tennessee banking franchise and inorganic growth strategies with support from a strong balance sheet position bode well for the long term. Also, focus to enhance shareholders’ value through capital deployment activities encourages us. However, persistently rising expenses due to increasing compensation and employee benefit costs might weigh on the company’s profitability. Further, mortgages repurchase issues and significant exposure to commercial loans are other concerns.”
Several other research analysts also recently weighed in on FHN. ValuEngine upgraded USINAS SIDERURG/S from a sell rating to a hold rating in a report on Wednesday, May 29th. Bank of America upgraded First Horizon National from an underperform rating to a neutral rating and set a $16.00 price target for the company in a report on Tuesday, July 16th. Jefferies Financial Group boosted their price target on T. Rowe Price Group from $103.00 to $119.00 and gave the company a buy rating in a report on Monday, April 1st. Stephens reiterated a neutral rating on shares of First Horizon National in a report on Tuesday, April 16th. Finally, Piper Jaffray Companies started coverage on First Horizon National in a report on Wednesday, July 3rd. They issued a buy rating and a $18.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $18.25.
First Horizon National (NYSE:FHN) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.05. First Horizon National had a return on equity of 10.14% and a net margin of 24.57%. The firm had revenue of $461.60 million during the quarter, compared to the consensus estimate of $441.32 million. During the same period in the previous year, the firm posted $0.36 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that First Horizon National will post 1.58 earnings per share for the current fiscal year.
In other news, EVP Susan L. Springfield sold 29,625 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $14.89, for a total transaction of $441,116.25. Following the completion of the sale, the executive vice president now directly owns 161,006 shares in the company, valued at approximately $2,397,379.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William C. Losch III sold 62,846 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $16.00, for a total value of $1,005,536.00. Following the sale, the chief financial officer now owns 325,901 shares of the company’s stock, valued at $5,214,416. The disclosure for this sale can be found here. Insiders sold a total of 202,982 shares of company stock valued at $3,215,933 over the last quarter. 1.88% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. NEXT Financial Group Inc acquired a new stake in shares of First Horizon National during the 2nd quarter worth $30,000. Buffington Mohr McNeal acquired a new stake in shares of First Horizon National during the 1st quarter worth $30,000. Old North State Trust LLC increased its holdings in shares of First Horizon National by 643.1% during the 1st quarter. Old North State Trust LLC now owns 2,378 shares of the financial services provider’s stock worth $33,000 after buying an additional 2,058 shares during the last quarter. Trustcore Financial Services LLC acquired a new stake in shares of First Horizon National during the 1st quarter worth $41,000. Finally, ETF Managers Group LLC increased its holdings in shares of First Horizon National by 11.4% during the 1st quarter. ETF Managers Group LLC now owns 7,714 shares of the financial services provider’s stock worth $108,000 after buying an additional 792 shares during the last quarter. Institutional investors and hedge funds own 87.74% of the company’s stock.
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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