Franklin Resources Inc. Purchases 241,452 Shares of First Horizon National Corp (FHN)

Franklin Resources Inc. lifted its position in shares of First Horizon National Corp (NYSE:FHN) by 1.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,153,527 shares of the financial services provider’s stock after buying an additional 241,452 shares during the quarter. Franklin Resources Inc. owned approximately 4.94% of First Horizon National worth $304,171,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oak Hill Capital Management LLC purchased a new stake in shares of First Horizon National during the fourth quarter worth about $107,835,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of First Horizon National by 54.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,361 shares of the financial services provider’s stock worth $287,000 after buying an additional 5,073 shares in the last quarter. First Interstate Bank purchased a new stake in shares of First Horizon National during the fourth quarter worth about $103,000. New Mexico Educational Retirement Board purchased a new stake in shares of First Horizon National during the fourth quarter worth about $1,600,000. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in shares of First Horizon National by 2.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,733,922 shares of the financial services provider’s stock worth $34,661,000 after buying an additional 33,639 shares in the last quarter. Institutional investors and hedge funds own 82.73% of the company’s stock.

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In other news, insider Michael E. Kisber sold 44,707 shares of the business’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $20.21, for a total transaction of $903,528.47. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John M. Daniel sold 22,389 shares of the business’s stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $19.79, for a total transaction of $443,078.31. The disclosure for this sale can be found here. Over the last three months, insiders have sold 227,096 shares of company stock worth $4,546,607. Corporate insiders own 1.75% of the company’s stock.

First Horizon National opened at $18.92 on Friday, Marketbeat reports. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.27. First Horizon National Corp has a 1 year low of $15.84 and a 1 year high of $20.86. The company has a market capitalization of $6.19 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.85 and a beta of 1.01.

First Horizon National (NYSE:FHN) last released its quarterly earnings data on Friday, April 13th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.04. First Horizon National had a net margin of 12.30% and a return on equity of 9.37%. The company had revenue of $437.20 million during the quarter, compared to the consensus estimate of $438.60 million. During the same period in the previous year, the firm earned $0.23 earnings per share. First Horizon National’s revenue for the quarter was up 42.6% on a year-over-year basis. research analysts predict that First Horizon National Corp will post 1.46 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 8th will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.54%. First Horizon National’s payout ratio is currently 43.24%.

A number of equities research analysts have recently commented on the stock. UBS assumed coverage on shares of First Horizon National in a report on Thursday, March 22nd. They set a “buy” rating and a $25.00 price target for the company. Zacks Investment Research downgraded shares of First Horizon National from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Wells Fargo & Co upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Thursday, April 5th. FIG Partners upgraded shares of First Horizon National from a “market perform” rating to an “outperform” rating in a report on Monday, April 16th. Finally, Hovde Group set a $21.00 price target on shares of First Horizon National and gave the stock a “hold” rating in a report on Monday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $22.17.

First Horizon National Company Profile

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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Institutional Ownership by Quarter for First Horizon National (NYSE:FHN)

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