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First Horizon National

NYSE:FHN
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FHN
NYSE
$4B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. The last earnings update was 17 days ago. More info.


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FHN Share Price and Events
7 Day Returns
-1.5%
NYSE:FHN
-0.5%
US Banks
-1.4%
US Market
1 Year Returns
-26%
NYSE:FHN
-9.6%
US Banks
1.6%
US Market
FHN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Horizon National (FHN) -1.5% -6% -10.8% -26% -3.8% 22.3%
US Banks -0.5% -4% -2.7% -9.6% 36.5% 44.7%
US Market -1.4% -3.9% 0.2% 1.6% 33.2% 38.2%
1 Year Return vs Industry and Market
  • FHN underperformed the Banks industry which returned -9.6% over the past year.
  • FHN underperformed the Market in United States of America which returned 1.6% over the past year.
Price Volatility
FHN
Industry
5yr Volatility vs Market

Value

 Is First Horizon National undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Horizon National to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Horizon National.

NYSE:FHN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity
= $15.66 * 10.2%
$1.60
Book Value of Equity per Share Weighted future Book Value estimates from 13 analysts. $15.66
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FHN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.62 (1 + (1- 21%) (61.35%))
0.947
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.947 * 5.96%)
8.37%

Discounted Cash Flow Calculation for NYSE:FHN using Excess Returns Model Model

The calculations below outline how an intrinsic value for First Horizon National is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:FHN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.2% – 8.37%) * $15.66)
$0.29
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.29 / (8.37% - 2.73%)
$5.14
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $15.66 + $5.14
$20.8
NYSE:FHN Discount to Share Price
Calculation Result
Value per share (USD) From above. $20.80
Current discount Discount to share price of $14.01
= -1 x ($14.01 - $20.80) / $20.80
32.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price First Horizon National is available for.
Intrinsic value
33%
Share price is $14.01 vs Future cash flow value of $20.8
Current Discount Checks
For First Horizon National to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • First Horizon National's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • First Horizon National's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Horizon National's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Horizon National's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FHN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.70
NYSE:FHN Share Price ** NYSE (2019-05-24) in USD $14.01
United States of America Banks Industry PE Ratio Median Figure of 597 Publicly-Listed Banks Companies 12.76x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.44x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Horizon National.

NYSE:FHN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:FHN Share Price ÷ EPS (both in USD)

= 14.01 ÷ 1.70

8.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Horizon National is good value based on earnings compared to the US Banks industry average.
  • First Horizon National is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First Horizon National's expected growth come at a high price?
Raw Data
NYSE:FHN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
2.5%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.34x
United States of America Market PEG Ratio Median Figure of 2,121 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

NYSE:FHN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.25x ÷ 2.5%

3.36x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Horizon National is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on First Horizon National's assets?
Raw Data
NYSE:FHN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $14.13
NYSE:FHN Share Price * NYSE (2019-05-24) in USD $14.01
United States of America Banks Industry PB Ratio Median Figure of 602 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NYSE:FHN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:FHN Share Price ÷ Book Value per Share (both in USD)

= 14.01 ÷ 14.13

0.99x

* Primary Listing of First Horizon National.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Horizon National is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess First Horizon National's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. First Horizon National has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is First Horizon National expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Horizon National expected to grow at an attractive rate?
  • First Horizon National's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First Horizon National's earnings growth is positive but not above the United States of America market average.
  • First Horizon National's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FHN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FHN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 2.5%
NYSE:FHN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 2.3%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 4%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FHN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FHN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,898 491 3
2020-12-31 1,828 482 15
2019-12-31 1,773 454 14
NYSE:FHN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,919 561 547
2018-12-31 1,930 234 539
2018-09-30 1,897 152 390
2018-06-30 1,582 461 187
2018-03-31 1,474 -162 196
2017-12-31 1,343 -29 159
2017-09-30 1,291 134 265
2017-06-30 1,284 -240 261
2017-03-31 1,271 223 227
2016-12-31 1,267 180 221
2016-09-30 1,243 -108 215
2016-06-30 1,196 233 210

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Horizon National's earnings are expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
  • First Horizon National's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FHN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from First Horizon National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FHN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.67 1.75 1.60 4.00
2020-12-31 1.57 1.68 1.48 17.00
2019-12-31 1.44 1.47 1.38 16.00
NYSE:FHN Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.70
2018-12-31 1.66
2018-09-30 1.26
2018-06-30 0.65
2018-03-31 0.74
2017-12-31 0.66
2017-09-30 1.14
2017-06-30 1.12
2017-03-31 0.98
2016-12-31 0.95
2016-09-30 0.92
2016-06-30 0.90

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • First Horizon National is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess First Horizon National's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Horizon National has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has First Horizon National performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Horizon National's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Horizon National has delivered over 20% year on year earnings growth in the past 5 years.
  • First Horizon National's 1-year earnings growth exceeds its 5-year average (179.3% vs 31.8%)
  • First Horizon National's earnings growth has exceeded the US Banks industry average in the past year (179.3% vs 39.5%).
Earnings and Revenue History
First Horizon National's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Horizon National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FHN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,918.73 547.25 937.05
2018-12-31 1,929.91 538.84 932.36
2018-09-30 1,897.19 389.66 927.61
2018-06-30 1,581.69 186.71 876.44
2018-03-31 1,473.74 195.92 834.89
2017-12-31 1,343.39 159.32 785.17
2017-09-30 1,290.54 265.45 754.68
2017-06-30 1,283.69 261.32 767.96
2017-03-31 1,271.21 227.05 768.75
2016-12-31 1,267.18 220.85 773.84
2016-09-30 1,243.26 214.58 761.51
2016-06-30 1,195.74 210.19 737.15
2016-03-31 1,173.18 204.20 726.17
2015-12-31 1,151.67 79.68 723.05
2015-09-30 1,122.96 79.76 727.36
2015-06-30 1,152.57 67.03 729.89
2015-03-31 1,135.99 93.99 724.53
2014-12-31 1,152.84 216.32 698.75
2014-09-30 1,165.29 218.62 724.50
2014-06-30 1,152.55 64.97 744.46
2014-03-31 1,156.44 28.29 756.31
2013-12-31 1,162.92 20.52 789.75
2013-09-30 1,185.20 14.50 787.55
2013-06-30 1,183.89 147.77 806.88
2013-03-31 1,218.77 -18.33 820.45
2012-12-31 1,282.13 -27.91 853.90
2012-09-30 1,329.81 -32.91 857.47
2012-06-30 1,396.84 -27.33 866.57

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Horizon National has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Horizon National used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if First Horizon National improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess First Horizon National's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Horizon National has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is First Horizon National's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of First Horizon National's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Horizon National Company Filings, last reported 1 month ago.

NYSE:FHN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,846.52 2,710.46 4,025.98
2018-12-31 4,785.38 2,438.60 3,840.88
2018-09-30 4,741.93 3,556.35 3,960.36
2018-06-30 4,549.75 4,264.29 3,999.18
2018-03-31 4,572.53 3,733.37 3,616.16
2017-12-31 4,580.49 4,985.79 3,857.23
2017-09-30 2,883.55 3,589.59 3,242.46
2017-06-30 2,826.89 3,229.28 3,060.29
2017-03-31 2,740.46 2,127.00 4,608.03
2016-12-31 2,705.08 2,126.99 2,857.35
2016-09-30 2,744.58 2,883.50 2,858.66
2016-06-30 2,691.92 2,750.39 2,887.64
2016-03-31 2,642.95 2,580.40 3,425.62
2015-12-31 2,639.59 2,361.18 2,431.41
2015-09-30 2,580.25 2,530.71 3,092.30
2015-06-30 2,517.91 2,740.74 2,761.95
2015-03-31 2,499.26 2,969.06 3,276.64
2014-12-31 2,581.59 3,755.83 3,895.95
2014-09-30 2,621.94 4,142.16 2,660.68
2014-06-30 2,626.15 4,231.57 2,661.39
2014-03-31 2,544.14 3,435.90 3,118.86
2013-12-31 2,500.75 3,581.88 2,426.59
2013-09-30 2,433.29 4,119.40 2,765.75
2013-06-30 2,546.35 4,390.54 2,882.95
2013-03-31 2,599.73 4,895.77 3,144.76
2012-12-31 2,509.21 4,886.74 2,766.43
2012-09-30 2,531.89 5,721.35 2,864.37
2012-06-30 2,514.41 5,633.99 3,043.39
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • First Horizon National has an acceptable proportion of non-loan assets held.
  • First Horizon National's liabilities are made up of primarily low risk sources of funding.
  • Loans at First Horizon National are broadly funded by customer deposits.
  • First Horizon National's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • First Horizon National has a low allowance for bad loans.
  • First Horizon National has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess First Horizon National's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Horizon National has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is First Horizon National's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4%
Current annual income from First Horizon National dividends. Estimated to be 4.14% next year.
If you bought $2,000 of First Horizon National shares you are expected to receive $80 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Horizon National's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • First Horizon National's dividend is above the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment

Purchase First Horizon National before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FHN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 477 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2007 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FHN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.63 3.00
2020-12-31 0.59 16.00
2019-12-31 0.56 15.00
NYSE:FHN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-23 0.560 3.835
2019-01-29 0.560 3.768
2018-10-24 0.480 3.234
2018-07-24 0.480 2.724
2018-04-25 0.480 2.591
2018-01-24 0.480 2.487
2017-10-24 0.360 1.847
2017-07-25 0.360 2.012
2017-04-25 0.360 2.042
2017-01-24 0.360 1.874
2016-10-25 0.280 1.508
2016-07-26 0.280 1.856
2016-04-26 0.280 2.002
2016-01-26 0.280 2.171
2015-10-20 0.240 1.694
2015-07-21 0.240 1.628
2015-04-28 0.240 1.588
2015-01-21 0.240 1.704
2014-10-21 0.200 1.555
2014-07-22 0.200 1.664
2014-04-29 0.200 1.713
2014-01-22 0.200 1.687
2013-10-22 0.200 1.761
2013-07-16 0.200 1.726
2013-04-19 0.200 1.797
2013-01-25 0.200 1.891
2012-10-17 0.040 0.414
2012-07-17 0.040 0.445
2012-04-19 0.040 0.468
2012-01-20 0.040 0.412
2011-10-18 0.040 0.532
2011-07-19 0.040 0.578
2011-04-20 0.040 0.396
2011-01-19 0.040 0.351
2010-05-06 0.000 0.000
2010-04-16 0.000 0.000
2010-02-26 0.000 0.000
2010-01-19 0.000 0.000
2009-11-05 0.000 0.000
2009-10-16 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, First Horizon National has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but First Horizon National only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of First Horizon National's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess First Horizon National's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Horizon National afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Horizon National has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of First Horizon National's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
D. Jordan
COMPENSATION $4,345,297
AGE 56
TENURE AS CEO 10.7 years
CEO Bio

Mr. D. Bryan Jordan has been President and Director of First Horizon National Corporation (“First Horizon”) since 2008 and has been its Chief Executive Officer since September 2008. In January 1, 2012, he was elected Chairman of the Board of First Horizon. He serves as President and CEO of First Tennessee Bank, National Association since 2008 and serves as its Chairman since 2012 and serves as its Director. Prior to September 1, 2008, Mr. Jordan was Executive Vice President and served as Chief Financial Officer of FHN and the Bank from 2007 to 2008. From 2000 until 2002 Mr. Jordan was Comptroller, and from 2002 until April 2007. He serves as a Director of Federal Reserve Bank of St. Louis. Mr. Jordan was Chief Financial Officer since 2002 at Regions Financial Corp. and its subsidiary Regions Bank. During that time he was also an Executive Vice President and from November 2006 served as Senior Executive Vice President of Regions. He serves as Director of AutoZone, Inc. since 2013. From May 2007 until September 2008 Mr. Jordan was Executive Vice President and Chief Financial Officer of First Horizon and First Tennessee Bank National Association. He has extensive experience in the banking and financial services industry, experience serving as the chief executive officer and the chief financial officer of public companies, knowledge of corporate finance and management.

CEO Compensation
  • D.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • D.'s remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the First Horizon National management team in years:

7.8
Average Tenure
58
Average Age
  • The average tenure for the First Horizon National management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

D. Jordan

TITLE
Chairman
COMPENSATION
$4M
AGE
56
TENURE
10.7 yrs

BJ Losch

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
47
TENURE
10.3 yrs

Charles Tuggle

TITLE
Executive VP & General Counsel
COMPENSATION
$1M
AGE
69
TENURE
11.3 yrs

Michael Kisber

TITLE
President of FTN Financial
COMPENSATION
$1M
AGE
58
TENURE
8.3 yrs

David Popwell

TITLE
President of Banking - First Tennessee Bank
COMPENSATION
$2M
AGE
58
TENURE
6.3 yrs

Bruce Livesay

TITLE
Executive VP & Chief Information Officer

Yousef Valine

TITLE
Executive VP
COMPENSATION
$2M
AGE
58
TENURE
1.3 yrs

Jeff Fleming

TITLE
Executive VP
AGE
56
TENURE
7.3 yrs

Aarti Bowman

TITLE
Senior Vice President of Investor Relations

Candace Flippin

TITLE
Executive VP & Chief Communications Officer
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the First Horizon National board of directors in years:

7.6
Average Tenure
64.5
Average Age
  • The tenure for the First Horizon National board of directors is about average.
Board of Directors

D. Jordan

TITLE
Chairman
COMPENSATION
$4M
AGE
56
TENURE
7.3 yrs

Gene Taylor

TITLE
Vice Chairman of the Board
COMPENSATION
$1M
AGE
70
TENURE
1.5 yrs

Vicki Palmer

TITLE
Independent Director
COMPENSATION
$200K
AGE
64
TENURE
26.3 yrs

Colin Reed

TITLE
Lead Director
COMPENSATION
$216K
AGE
70

Mark Emkes

TITLE
Independent Director
COMPENSATION
$196K
AGE
65
TENURE
10.5 yrs

John Compton

TITLE
Independent Director
COMPENSATION
$159K
AGE
57
TENURE
8.3 yrs

Cece Stewart

TITLE
Independent Director
COMPENSATION
$157K
AGE
59
TENURE
4.6 yrs

Luke Yancy

TITLE
Independent Director
COMPENSATION
$157K
AGE
68
TENURE
17.6 yrs

Scott Niswonger

TITLE
Independent Director
COMPENSATION
$172K
AGE
70
TENURE
7.6 yrs

Cory Gilchrist

TITLE
Independent Director
COMPENSATION
$174K
AGE
48
TENURE
6.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
11. Dec 18 Buy Scott Niswonger Individual 10. Dec 18 10. Dec 18 25,000 $14.56 $363,763
31. Oct 18 Buy Yousef Valine Individual 31. Oct 18 31. Oct 18 3,000 $16.29 $48,870
22. Oct 18 Buy Scott Niswonger Individual 19. Oct 18 19. Oct 18 50,000 $15.80 $788,244
17. Oct 18 Buy David Popwell Individual 17. Oct 18 17. Oct 18 15,750 $15.89 $250,077
01. Aug 18 Buy D. Jordan Individual 31. Jul 18 31. Jul 18 25,000 $17.78 $443,898
01. Aug 18 Buy Scott Niswonger Individual 01. Aug 18 01. Aug 18 100,000 $18.20 $1,820,000
26. Jul 18 Buy Mark Emkes Individual 25. Jul 18 25. Jul 18 5,000 $17.68 $88,381
X
Management checks
We assess First Horizon National's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First Horizon National has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Imagine Owning First Horizon National (NYSE:FHN) And Wondering If The 26% Share Price Slide Is Justified

During the unfortunate twelve months during which the First Horizon National share price fell, it actually saw its earnings per share (EPS) improve by 130%. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR). … A Different Perspective Investors in First Horizon National had a tough year, with a total loss of 24% (including dividends), against a market gain of about 4.8%.

Simply Wall St -

Does First Horizon National Corporation's (NYSE:FHN) P/E Ratio Signal A Buying Opportunity?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at First Horizon National Corporation's (NYSE:FHN) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is It Time To Consider Buying First Horizon National Corporation (NYSE:FHN)?

saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s take a look at First Horizon National’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

What Do Analysts Think About First Horizon National Corporation's (NYSE:FHN) Future?

The most recent earnings announcement First Horizon National Corporation's (NYSE:FHN) released in December 2018a

Simply Wall St -

Have Insiders Been Buying First Horizon National Corporation (NYSE:FHN) Shares?

So we'll take a look at whether insiders have been buying or selling shares in First Horizon National Corporation (NYSE:FHN). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, First Horizon National insiders bought more than they sold over the last year

Simply Wall St -

Does First Horizon National Corporation (NYSE:FHN) Have A Place In Your Portfolio?

Historically, First Horizon National Corporation (NYSE:FHN) has paid a dividend to shareholders. … Let's take a look at First Horizon National in more detail. … Check out our latest analysis for First Horizon National

Simply Wall St -

Income Investors Should Know The First Horizon National Corporation (NYSE:FHN) Ex-Dividend Date

Have you been keeping an eye on First Horizon National Corporation's (NYSE:FHN) upcoming dividend of US$0.14 per share payable on the 01 April 2019? … Is this future income a persuasive enough catalyst for investors to think about First Horizon National as an investment today? … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:?

Simply Wall St -

Will First Horizon National Corporation's (NYSE:FHN) Earnings Grow In The Year Ahead?

In December 2018, First Horizon National Corporation (NYSE:FHN) released its earnings update. … as a -11% fall in profits is expected in the upcoming year

Simply Wall St -

What You Should Know About First Horizon National Corporation’s (NYSE:FHN) Liquidity

As a small-cap bank stock with a market capitalisation of US$5.0b, First Horizon National Corporation’s (NYSE:FHN) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like First Horizon National to vulnerabilities. … Today we will be measuring First Horizon National’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

Does First Horizon National Corporation's (NYSE:FHN) CEO Salary Compare Well With Others?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for First Horizon National. … Jordan's Compensation Compare With Similar Sized Companies?.

Simply Wall St -

Company Info

Description

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. It is also involved in the underwriting of bank-eligible securities and other fixed-income securities eligible for underwriting by financial subsidiaries; loan sales; derivative sales; and provision of advisory services. In addition, the company offers brokerage services; correspondent banking services; transaction processing services comprising nationwide check clearing and remittance processing; trust, fiduciary, and agency services; credit card products; equipment finance; and investment and financial advisory services. Further, it engages in mutual fund and retail insurance sales, as well as provides mortgage banking services. As of December 31, 2018, the company operated approximately 300 branches under the First Tennessee Bank and Capital Bank brands. The company was founded in 1864 and is headquartered in Memphis, Tennessee.

Details
Name: First Horizon National Corporation
FHN
Exchange: NYSE
Founded: 1864
$4,418,209,361
315,361,125
Website: http://www.firsthorizon.com
Address: First Horizon National Corporation
165 Madison Avenue,
Memphis,
Tennessee, 38103,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE FHN Common Stock New York Stock Exchange US USD 02. Jan 1980
DB FT2 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1980
NYSE FHN.PRA DEP SHS New York Stock Exchange US USD 28. Jan 2013
Number of employees
Current staff
Staff numbers
5,576
First Horizon National employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 23:55
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.