Oak Hill Capital Management LLC bought a new position in First Horizon National Corp (NYSE:FHN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,394,444 shares of the financial services provider’s stock, valued at approximately $107,835,000. First Horizon National comprises 27.0% of Oak Hill Capital Management LLC’s portfolio, making the stock its 2nd biggest position.
Other institutional investors have also recently added to or reduced their stakes in the company. Exane Derivatives bought a new stake in shares of First Horizon National in the 4th quarter worth about $101,000. Cerebellum GP LLC bought a new stake in shares of First Horizon National in the 4th quarter worth about $124,000. Bartlett & Co. LLC bought a new stake in shares of First Horizon National in the 4th quarter worth about $179,000. Macquarie Group Ltd. bought a new stake in shares of First Horizon National in the 3rd quarter worth about $182,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its holdings 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 worth $183,000 after acquiring an additional 5,438 shares during the last quarter. Hedge funds and other institutional investors own 64.88% of the company’s stock.
Shares of First Horizon National Corp (FHN) opened at $19.39 on Friday. First Horizon National Corp has a twelve month low of $15.84 and a twelve month high of $20.86. The firm has a market cap of $6,335.41, a PE ratio of 28.10, a P/E/G ratio of 1.96 and a beta of 0.98. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a dividend of $0.12 per share. This is a positive change from First Horizon National’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, March 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.48%. First Horizon National’s dividend payout ratio (DPR) is presently 52.17%.
First Horizon National declared that its board has approved a share repurchase plan on Tuesday, January 23rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
Several research firms have recently issued reports on FHN. Hovde Group set a $22.00 target price on shares of First Horizon National and gave the stock a “hold” rating in a report on Monday, January 22nd. UBS Group upgraded shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Barclays lifted their price objective on shares of First Horizon National from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley lifted their price objective on shares of First Horizon National from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Finally, Zacks Investment Research lowered shares of First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, seven have assigned 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 a consensus target price of $22.11.
In related news, Director Peter N. Foss sold 30,000 shares of First Horizon National stock in a transaction dated 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 sale, the director now owns 56,220 shares in the company, valued at approximately $1,142,390.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.09% of the company’s stock.
First Horizon National 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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