First Horizon National Corp (FHN) Stake Lifted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. grew its holdings in First Horizon National Corp (NYSE:FHN) by 26.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,332,071 shares of the financial services provider’s stock after acquiring an additional 279,438 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in First Horizon National were worth $26,629,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Macquarie Group Ltd. purchased a new position in shares of First Horizon National in the 3rd quarter valued at about $182,000. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of First Horizon National by 133.8% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,503 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 5,438 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of First Horizon National by 2.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,227 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 286 shares during the period. Gotham Asset Management LLC boosted its position in shares of First Horizon National by 6.6% in the 2nd quarter. Gotham Asset Management LLC now owns 14,002 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 873 shares during the period. Finally, Gofen & Glossberg LLC IL acquired a new stake in shares of First Horizon National in the 3rd quarter valued at about $315,000. Institutional investors and hedge funds own 64.88% of the company’s stock.
In other First Horizon National news, Director Peter N. Foss sold 30,000 shares of the stock in a transaction that occurred on 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 directly owns 56,220 shares of the company’s stock, valued at approximately $1,142,390.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.09% of the stock is currently owned by company insiders.
First Horizon National (NYSE:FHN) last posted its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $375.30 million during the quarter, compared to analysts’ expectations of $368.93 million. During the same period last year, the firm earned $0.23 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. equities analysts predict that First Horizon National Corp will post 1.42 earnings per share for the current fiscal year.
First Horizon National announced that its board has authorized a share repurchase program on Tuesday, January 23rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.45%. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, March 8th. First Horizon National’s dividend payout ratio (DPR) is presently 51.43%.
A number of analysts recently issued reports on the company. Barclays reissued an “equal weight” rating and issued a $21.00 target price on shares of First Horizon National in a research report 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 target price for the company in a research report on Tuesday, January 9th. Hovde Group set a $22.00 target price on First Horizon National and gave the company a “hold” rating in a research report on Monday, January 22nd. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 target price for the company in a research report on Monday, January 8th. Finally, Morgan Stanley upped their target price on First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. First Horizon National presently has a consensus rating of “Buy” and an average target price of $22.11.
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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