First Horizon National Corporation (NYSE:FHN) was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 15,593,073 shares, a growth of 28.5% from the April 28th total of 12,139,092 shares. Approximately 6.8% of the shares of the company are short sold. Based on an average trading volume of 4,870,868 shares, the short-interest ratio is presently 3.2 days.
Several brokerages have commented on FHN. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 price target on shares of First Horizon National Corporation in a report on Monday, June 12th. BidaskClub raised shares of First Horizon National Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. ValuEngine raised shares of First Horizon National Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Stephens reissued a “hold” rating on shares of First Horizon National Corporation in a report on Thursday, May 4th. Finally, Barclays PLC lowered their price objective on shares of First Horizon National Corporation from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $18.93.
In other news, Director Vicki R. Palmer sold 5,211 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $17.65, for a total transaction of $91,974.15. Following the completion of the transaction, the director now directly owns 57,818 shares of the company’s stock, valued at approximately $1,020,487.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.09% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Timber Hill LLC purchased a new stake in First Horizon National Corporation during the third quarter valued at about $499,000. Northern Trust Corp increased its stake in First Horizon National Corporation by 0.4% in the third quarter. Northern Trust Corp now owns 2,436,340 shares of the financial services provider’s stock valued at $37,106,000 after buying an additional 9,026 shares in the last quarter. Parnassus Investments CA increased its stake in First Horizon National Corporation by 19.4% in the third quarter. Parnassus Investments CA now owns 3,200,000 shares of the financial services provider’s stock valued at $48,736,000 after buying an additional 520,000 shares in the last quarter. Principal Financial Group Inc. increased its stake in First Horizon National Corporation by 3.9% in the third quarter. Principal Financial Group Inc. now owns 911,890 shares of the financial services provider’s stock valued at $13,890,000 after buying an additional 34,596 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its stake in First Horizon National Corporation by 1,280.7% in the third quarter. Riverhead Capital Management LLC now owns 7,000 shares of the financial services provider’s stock valued at $107,000 after buying an additional 6,493 shares in the last quarter. 86.55% of the stock is currently owned by hedge funds and other institutional investors.
First Horizon National Corporation (FHN) opened at 17.49 on Friday. The company has a 50-day moving average of $17.67 and a 200-day moving average of $19.03. First Horizon National Corporation has a 12 month low of $12.46 and a 12 month high of $20.84. The stock has a market cap of $4.09 billion, a PE ratio of 18.03 and a beta of 1.04.
First Horizon National Corporation (NYSE:FHN) last released its quarterly earnings results on Thursday, April 13th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.23. First Horizon National Corporation had a return on equity of 8.89% and a net margin of 16.92%. The firm had revenue of $306.65 million for the quarter, compared to the consensus estimate of $324.31 million. During the same quarter last year, the business posted $0.20 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities analysts forecast that First Horizon National Corporation will post $1.10 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 9th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Wednesday, June 7th. First Horizon National Corporation’s dividend payout ratio is 37.11%.
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About First Horizon National Corporation
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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