First Horizon National Corp (FHN) Shares Bought by SG Americas Securities LLC
SG Americas Securities LLC raised its stake in First Horizon National Corp (NYSE:FHN) by 57.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,049 shares of the financial services provider’s stock after buying an additional 25,162 shares during the period. SG Americas Securities LLC’s holdings in First Horizon National were worth $1,380,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of FHN. NWQ Investment Management Company LLC purchased a new position in First Horizon National in the third quarter valued at about $50,493,000. Janus Henderson Group PLC increased its holdings in First Horizon National by 738.1% in the third quarter. Janus Henderson Group PLC now owns 2,131,536 shares of the financial services provider’s stock valued at $40,819,000 after buying an additional 1,877,196 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in First Horizon National by 56.1% in the second quarter. Lord Abbett & CO. LLC now owns 4,270,239 shares of the financial services provider’s stock valued at $74,388,000 after buying an additional 1,534,966 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in First Horizon National in the third quarter valued at about $27,689,000. Finally, State Street Corp increased its holdings in First Horizon National by 6.4% in the second quarter. State Street Corp now owns 14,203,778 shares of the financial services provider’s stock valued at $247,425,000 after buying an additional 850,609 shares in the last quarter. 64.30% of the stock is owned by institutional investors.
First Horizon National Corp (NYSE FHN) opened at $18.93 on Friday. 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 Corp has a 12 month low of $15.84 and a 12 month high of $20.86. The firm has a market cap of $6,185.11, a P/E ratio of 27.44, a PEG ratio of 1.91 and a beta of 0.98.
First Horizon National declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
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 paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.54%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, March 8th. First Horizon National’s dividend payout ratio (DPR) is 52.17%.
In other news, Director Peter N. Foss sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $20.32, for a total transaction of $609,600.00. Following the completion of the transaction, the director now directly owns 56,220 shares of the company’s stock, valued at approximately $1,142,390.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.09% of the company’s stock.
FHN has been the subject of a number of research analyst reports. Hovde Group increased their target price on shares of First Horizon National from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Monday, October 16th. Raymond James Financial increased their target price on shares of First Horizon National from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, October 16th. UBS Group raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Barclays reaffirmed an “equal weight” rating and issued a $21.00 target price on shares of First Horizon National in a report on Monday, December 4th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $22.00 target price on shares of First Horizon National in a report on Tuesday, December 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have given a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $22.11.
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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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