First Horizon National Corp. (FHN) Sees Large Volume Increase
First Horizon National Corp. (NYSE:FHN) shares saw unusually-high trading volume on Friday . Approximately 2,705,687 shares traded hands during trading, an increase of 55% from the previous session’s volume of 1,747,295 shares.The stock last traded at $15.05 and had previously closed at $15.00.
FHN has been the topic of several recent research reports. Zacks Investment Research raised First Horizon National Corp. from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Wednesday, June 15th. Wells Fargo & Co. lowered First Horizon National Corp. from a “market perform” rating to an “underperform” rating in a research report on Tuesday. Barclays PLC upped their target price on First Horizon National Corp. from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a $15.50 target price on shares of First Horizon National Corp. in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. First Horizon National Corp. currently has an average rating of “Hold” and an average target price of $15.03.
The firm’s 50 day moving average price is $14.69 and its 200 day moving average price is $13.75. The stock has a market capitalization of $3.51 billion and a price-to-earnings ratio of 17.17.
First Horizon National Corp. (NYSE:FHN) last issued its earnings results on Friday, July 15th. The financial services provider reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The firm earned $321.78 million during the quarter. First Horizon National Corp.’s revenue was up 8.4% on a year-over-year basis. Analysts predict that First Horizon National Corp. will post $0.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 7th.
In other news, EVP John M. Daniel sold 53,048 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $14.93, for a total transaction of $792,006.64. Following the transaction, the executive vice president now owns 283,103 shares of the company’s stock, valued at approximately $4,226,727.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vicki R. Palmer sold 6,362 shares of the stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $13.93, for a total value of $88,622.66. Following the transaction, the director now directly owns 51,896 shares in the company, valued at approximately $722,911.28. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently modified their holdings of the stock. Airain ltd bought a new position in shares of First Horizon National Corp. during the fourth quarter worth approximately $1,762,000. State of Tennessee Treasury Department raised its position in shares of First Horizon National Corp. by 5.3% in the fourth quarter. State of Tennessee Treasury Department now owns 400,000 shares of the financial services provider’s stock worth $5,808,000 after buying an additional 20,000 shares in the last quarter. Finally, BlackRock Advisors LLC raised its position in shares of First Horizon National Corp. by 4.5% in the fourth quarter. BlackRock Advisors LLC now owns 974,780 shares of the financial services provider’s stock worth $14,154,000 after buying an additional 42,001 shares in the last quarter.
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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