Research Analysts’ Weekly Ratings Updates for First Horizon National (FHN)

First Horizon National (NYSE: FHN) has recently received a number of price target changes and ratings updates:

  • 7/21/2020 – First Horizon National had its price target lowered by analysts at SunTrust Banks, Inc. from $13.00 to $12.00. They now have a “buy” rating on the stock.
  • 7/20/2020 – First Horizon National had its price target raised by analysts at Wells Fargo & Co from $10.00 to $11.00. They now have an “overweight” rating on the stock.
  • 7/20/2020 – First Horizon National was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating. They now have a $11.00 price target on the stock, up previously from $9.00.
  • 7/20/2020 – First Horizon National had its “hold” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $10.00 price target on the stock.
  • 7/6/2020 – First Horizon National was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. They now have a $10.00 price target on the stock. According to Zacks, “Shares of First Horizon have underperformed the industry in the past six months. Pressure on net interest margin from a decline in interest rates might hurt First Horizon's top-line growth. Also, rising costs due to high compensation expenses is likely to weigh on the company's bottom line. Lack of diversification in the loan portfolio amid uncertain markets remain concerning. However, its earnings surprise history is impressive, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Efforts to strengthen core Tennessee banking franchise and inorganic growth strategies, supported by its strong balance sheet position, bode well. Further, improving credit quality and rising loans balance remain tailwinds. Notably, the company temporarily suspended share buyback program, following the coronavirus-related slowdown.”

Shares of NYSE:FHN opened at $9.52 on Tuesday. The company has a 50 day moving average of $9.70 and a 200 day moving average of $11.12. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.41. The stock has a market cap of $3.01 billion, a P/E ratio of 10.24 and a beta of 1.60. First Horizon National Corp has a 12 month low of $6.27 and a 12 month high of $17.42.

First Horizon National (NYSE:FHN) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). First Horizon National had a net margin of 13.06% and a return on equity of 7.45%. The firm had revenue of $511.61 million for the quarter, compared to analysts’ expectations of $477.52 million. During the same quarter last year, the firm earned $0.42 earnings per share. On average, equities analysts forecast that First Horizon National Corp will post 0.8 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 6.30%. The ex-dividend date of this dividend was Thursday, June 11th. First Horizon National’s payout ratio is currently 36.14%.

In other news, Director Wendy P. Davidson bought 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was purchased at an average price of $9.51 per share, with a total value of $28,530.00. Following the transaction, the director now owns 18,942 shares of the company’s stock, valued at $180,138.42. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its stake in shares of First Horizon National by 8.0% during the 1st quarter. Franklin Resources Inc. now owns 17,579,072 shares of the financial services provider’s stock worth $141,687,000 after acquiring an additional 1,304,145 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of First Horizon National by 17.4% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 16,036,745 shares of the financial services provider’s stock worth $129,256,000 after purchasing an additional 2,378,496 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of First Horizon National by 8.6% during the first quarter. JPMorgan Chase & Co. now owns 8,819,684 shares of the financial services provider’s stock worth $71,086,000 after purchasing an additional 696,903 shares during the last quarter. Invesco Ltd. grew its position in shares of First Horizon National by 32.9% in the first quarter. Invesco Ltd. now owns 4,818,466 shares of the financial services provider’s stock valued at $38,836,000 after purchasing an additional 1,192,351 shares during the period. Finally, Mackenzie Financial Corp lifted its position in First Horizon National by 218.1% during the first quarter. Mackenzie Financial Corp now owns 4,103,987 shares of the financial services provider’s stock worth $33,078,000 after buying an additional 2,813,651 shares during the period. 94.72% of the stock is owned by institutional investors.

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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