Zurcher Kantonalbank Zurich Cantonalbank boosted its position in First Horizon National Corp (NYSE:FHN) by 54.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,361 shares of the financial services provider’s stock after buying an additional 5,073 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Horizon National were worth $287,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of FHN. Exane Derivatives acquired a new position in First Horizon National in the 4th quarter worth $101,000. Cerebellum GP LLC acquired a new position in First Horizon National in the 4th quarter worth $124,000. Bartlett & Co. LLC acquired a new position in First Horizon National in the 4th quarter worth $179,000. Macquarie Group Ltd. acquired a new position in First Horizon National in the 3rd quarter worth $182,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its holdings in 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 buying an additional 5,438 shares in the last quarter. Hedge funds and other institutional investors own 72.85% of the company’s stock.
Shares of First Horizon National Corp (FHN) opened at $19.39 on Monday. The stock has a market cap of $6,335.41, a PE ratio of 28.10, a PEG ratio of 1.96 and a beta of 0.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.92 and a quick ratio of 0.90. First Horizon National Corp has a 12 month low of $15.84 and a 12 month high of $20.86.
First Horizon National announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Thursday, March 8th. This is an increase from First Horizon National’s previous quarterly dividend of $0.09. First Horizon National’s dividend payout ratio is currently 52.17%.
In related news, Director Peter N. Foss sold 30,000 shares of the business’s 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 of the company’s stock, valued at approximately $1,142,390.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.09% of the stock is owned by corporate insiders.
FHN has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Royal Bank of Canada restated a “hold” rating and issued a $22.00 target price on shares of First Horizon National in a research note on Tuesday, December 5th. Vining Sparks upgraded shares of First Horizon National to a “buy” rating and set a $25.00 target price on the stock in a research note on Monday, January 8th. UBS Group upgraded shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, November 8th. Finally, Barclays upped their target price on shares of First Horizon National from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. First Horizon National presently has a consensus rating of “Buy” and an average price target of $22.11.
About First Horizon National
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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