First Horizon National (FHN) Rating Lowered to Strong Sell at ValuEngine

First Horizon National (NYSE:FHN) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued on Wednesday.

Several other research firms have also recently issued reports on FHN. Zacks Investment Research cut First Horizon National from a “hold” rating to a “sell” rating in a research report on Wednesday, August 22nd. Hovde Group upgraded First Horizon National from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Friday, June 29th. Jefferies Financial Group reiterated a “buy” rating and set a $22.00 target price on shares of First Horizon National in a research report on Friday, July 13th. Morgan Stanley dropped their target price on First Horizon National from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, July 20th. Finally, Stephens reiterated a “$17.03” rating and set a $18.50 target price on shares of First Horizon National in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $20.82.

Shares of FHN stock opened at $15.92 on Wednesday. The stock has a market capitalization of $5.61 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.04 and a beta of 0.87. First Horizon National has a 52-week low of $15.14 and a 52-week high of $20.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.91 and a current ratio of 0.93.

First Horizon National (NYSE:FHN) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The firm had revenue of $441.81 million for the quarter, compared to analysts’ expectations of $448.62 million. First Horizon National had a return on equity of 9.64% and a net margin of 10.74%. During the same quarter in the previous year, the firm posted $0.32 EPS. As a group, equities research analysts forecast that First Horizon National will post 1.43 EPS for the current fiscal year.

In other news, Director Mark A. Emkes purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 25th. The shares were acquired at an average price of $17.68 per share, with a total value of $88,400.00. Following the purchase, the director now directly owns 57,996 shares of the company’s stock, valued at $1,025,369.28. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Scott M. Niswonger purchased 100,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were purchased at an average cost of $18.20 per share, for a total transaction of $1,820,000.00. Following the purchase, the director now directly owns 639,403 shares in the company, valued at $11,637,134.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 145,750 shares of company stock worth $2,602,510 in the last quarter. 1.75% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of First Horizon National by 0.3% during the 2nd quarter. BlackRock Inc. now owns 29,920,825 shares of the financial services provider’s stock worth $533,786,000 after acquiring an additional 93,719 shares in the last quarter. FMR LLC boosted its stake in shares of First Horizon National by 559.4% during the 2nd quarter. FMR LLC now owns 12,480,972 shares of the financial services provider’s stock worth $222,661,000 after acquiring an additional 10,588,072 shares in the last quarter. Parnassus Investments CA boosted its stake in shares of First Horizon National by 5.5% during the 2nd quarter. Parnassus Investments CA now owns 6,559,737 shares of the financial services provider’s stock worth $117,026,000 after acquiring an additional 340,740 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of First Horizon National by 13.1% during the 2nd quarter. Janus Henderson Group PLC now owns 5,855,430 shares of the financial services provider’s stock worth $104,461,000 after acquiring an additional 677,288 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in shares of First Horizon National by 3.1% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 4,799,742 shares of the financial services provider’s stock worth $85,627,000 after acquiring an additional 145,463 shares in the last quarter. 85.70% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for First Horizon National (NYSE:FHN)

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