Franklin Resources Inc. lifted its stake in First Horizon National Corp (NYSE:FHN) by 149.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,912,075 shares of the financial services provider’s stock after purchasing an additional 9,534,594 shares during the quarter. Franklin Resources Inc.’s holdings in First Horizon National were worth $318,083,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of First Horizon National by 27.3% in the fourth quarter. BlackRock Inc. now owns 29,317,893 shares of the financial services provider’s stock worth $586,064,000 after buying an additional 6,279,990 shares during the period. Fuller & Thaler Asset Management Inc. raised its stake in shares of First Horizon National by 2.2% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 12,296,061 shares of the financial services provider’s stock worth $235,470,000 after buying an additional 264,035 shares during the period. Parnassus Investments CA raised its stake in shares of First Horizon National by 16.8% in the fourth quarter. Parnassus Investments CA now owns 6,606,499 shares of the financial services provider’s stock worth $132,064,000 after buying an additional 951,931 shares during the period. Victory Capital Management Inc. raised its stake in shares of First Horizon National by 8.4% in the fourth quarter. Victory Capital Management Inc. now owns 5,494,747 shares of the financial services provider’s stock worth $109,840,000 after buying an additional 425,157 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of First Horizon National by 10.3% in the fourth quarter. Schroder Investment Management Group now owns 5,429,696 shares of the financial services provider’s stock worth $108,540,000 after buying an additional 505,605 shares during the period. 82.18% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on FHN. Barclays reaffirmed an “equal weight” rating and issued a $21.00 price objective on shares of First Horizon National in a research note on Monday, December 4th. Zacks Investment Research raised 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. Hovde Group set a $22.00 price objective on First Horizon National and gave the stock a “hold” rating in a research note on Monday, January 22nd. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price objective on the stock in a research note on Monday, January 8th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $22.00 price objective on shares of First Horizon National in a research note on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $22.11.
First Horizon National (NYSE:FHN) last released its earnings results on Friday, January 19th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. First Horizon National had a return on equity of 8.80% and a net margin of 11.18%. The firm had revenue of $375.30 million during the quarter, compared to analysts’ expectations of $368.93 million. During the same quarter last year, the business posted $0.23 earnings per share. The firm’s revenue was up 17.4% on a year-over-year basis. analysts forecast that First Horizon National Corp will post 1.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.36%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio (DPR) is currently 69.57%.
First Horizon National declared that its board has authorized a stock repurchase plan on Tuesday, January 23rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Peter N. Foss sold 30,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the sale, the director now owns 56,220 shares in the company, valued at $1,142,390.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael E. Kisber sold 160,000 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $20.00, for a total value of $3,200,000.00. Following the sale, the insider now owns 568,904 shares of the company’s stock, valued at approximately $11,378,080. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.
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First Horizon National Company 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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