First Horizon National Corp (FHN) Expected to Post Quarterly Sales of $446.27 Million
Brokerages forecast that First Horizon National Corp (NYSE:FHN) will announce $446.27 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for First Horizon National’s earnings. The highest sales estimate is $485.80 million and the lowest is $428.40 million. First Horizon National reported sales of $306.65 million during the same quarter last year, which indicates a positive year-over-year growth rate of 45.5%. The business is scheduled to issue its next earnings report on Thursday, April 12th.
On average, analysts expect that First Horizon National will report full-year sales of $446.27 million for the current fiscal year, with estimates ranging from $1.79 billion to $2.00 billion. For the next financial year, analysts expect that the company will report sales of $1.97 billion per share, with estimates ranging from $1.89 billion to $2.09 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow First Horizon National.
First Horizon National (NYSE:FHN) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The company had revenue of $375.30 million during the quarter, compared to the consensus estimate of $368.93 million. First Horizon National had a net margin of 11.18% and a return on equity of 8.80%. First Horizon National’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period last year, the firm earned $0.23 EPS.
First Horizon National (NYSE FHN) traded up $0.55 on Tuesday, reaching $19.70. 5,786,588 shares of the company traded hands, compared to its average volume of 2,924,063. The company has a market cap of $6,438.61, a P/E ratio of 28.55, a PEG ratio of 1.99 and a beta of 0.99. First Horizon National has a 52 week low of $15.84 and a 52 week high of $20.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 0.92.
First Horizon National announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This is a boost from First Horizon National’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a yield of 2.44%. First Horizon National’s dividend payout ratio is currently 52.17%.
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 shares were sold at an average price of $20.32, for a total value of $609,600.00. Following the sale, the director now directly owns 56,220 shares in the company, valued at approximately $1,142,390.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.09% of the company’s stock.
Several institutional investors have recently bought and sold shares of FHN. Exane Derivatives purchased a new stake in shares of First Horizon National during the 4th quarter valued at $101,000. First Interstate Bank purchased a new stake in shares of First Horizon National during the 4th quarter valued at $103,000. Cerebellum GP LLC purchased a new stake in shares of First Horizon National during the 4th quarter valued at $124,000. Salem Investment Counselors Inc. purchased a new stake in shares of First Horizon National during the 4th quarter valued at $165,000. Finally, Bartlett & Co. LLC purchased a new stake in shares of First Horizon National during the 4th quarter valued at $179,000. Hedge funds and other institutional investors own 72.85% of the company’s stock.
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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