First Horizon National Corp. (FHN) Sees Unusually-High Trading Volume
Shares of First Horizon National Corp. (NYSE:FHN) saw unusually-high trading volume on Friday . Approximately 2,705,687 shares changed 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 a number of 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 objective on the stock in a research note on Wednesday, June 15th. Wells Fargo & Co. cut First Horizon National Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. reissued a “hold” rating on shares of First Horizon National Corp. in a research note on Saturday, July 9th. Finally, Barclays PLC raised their target price on First Horizon National Corp. from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Monday, July 18th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $15.03.
The firm has a market capitalization of $3.51 billion and a PE ratio of 17.17. The stock’s 50-day moving average is $14.74 and its 200-day moving average is $13.77.
First Horizon National Corp. (NYSE:FHN) last announced its earnings results on Friday, July 15th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. During the same quarter last year, the company earned $0.22 EPS. The business had revenue of $321.78 million for the quarter. The company’s quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts predict that First Horizon National Corp. will post $0.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend 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 company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $14.93, for a total transaction of $792,006.64. Following the sale, the executive vice president now directly owns 283,103 shares in the company, valued at approximately $4,226,727.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Brad Martin bought 5,267 shares of the firm’s stock in a transaction dated Wednesday, June 8th. The shares were acquired at an average price of $25.94 per share, for a total transaction of $136,625.98. Following the completion of the transaction, the director now directly owns 191 shares in the company, valued at approximately $4,954.54. The disclosure for this purchase can be found here.
Several hedge funds have made changes to their positions in the stock. BlackRock Advisors LLC boosted its stake 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 valued at $14,154,000 after buying an additional 42,001 shares in the last quarter. Airain ltd purchased a new stake in First Horizon National Corp. during the fourth quarter worth $1,762,000. Finally, State of Tennessee Treasury Department raised its stake in 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 during the period.
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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