First Horizon National Corporation (FHN) Sees Large Growth in Short Interest

First Horizon National Corporation (NYSE:FHN) saw a significant increase in short interest in the month of September. As of September 29th, there was short interest totalling 22,181,237 shares, an increase of 22.7% from the September 15th total of 18,078,059 shares. Currently, 9.6% of the shares of the stock are short sold. Based on an average trading volume of 3,615,581 shares, the days-to-cover ratio is presently 6.1 days.

First Horizon National Corporation (FHN) opened at 19.16 on Friday. The company has a market cap of $4.49 billion, a PE ratio of 17.11 and a beta of 1.05. The stock has a 50 day moving average price of $18.43 and a 200 day moving average price of $17.83. First Horizon National Corporation has a 1-year low of $14.92 and a 1-year high of $20.84.

First Horizon National Corporation (NYSE:FHN) last released its earnings results on Friday, October 13th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.02. First Horizon National Corporation had a return on equity of 9.40% and a net margin of 19.36%. The business had revenue of $337.00 million for the quarter, compared to analyst estimates of $340.48 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. Equities analysts forecast that First Horizon National Corporation will post $1.13 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, November 3rd will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Thursday, November 2nd. First Horizon National Corporation’s payout ratio is 32.14%.

Several research firms have commented on FHN. JPMorgan Chase & Co. restated a “buy” rating and issued a $20.00 price target on shares of First Horizon National Corporation in a report on Wednesday, September 13th. ValuEngine cut First Horizon National Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Royal Bank Of Canada reiterated a “hold” rating and set a $20.00 target price on shares of First Horizon National Corporation in a report on Friday, July 7th. BidaskClub upgraded First Horizon National Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $19.50 target price on shares of First Horizon National Corporation in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $20.22.

In related news, CFO William C. Losch III sold 45,107 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $18.63, for a total value of $840,343.41. Following the completion of the transaction, the chief financial officer now owns 275,497 shares of the company’s stock, valued at approximately $5,132,509.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Brad Martin sold 5,449 shares of First Horizon National Corporation stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $19.25, for a total value of $104,893.25. Following the completion of the sale, the director now owns 482,188 shares of the company’s stock, valued at approximately $9,282,119. The disclosure for this sale can be found here. In the last three months, insiders sold 54,056 shares of company stock valued at $1,010,022. 2.09% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of First Horizon National Corporation by 5,232.8% in the first quarter. BlackRock Inc. now owns 21,381,745 shares of the financial services provider’s stock valued at $395,561,000 after purchasing an additional 20,980,798 shares during the last quarter. Vanguard Group Inc. grew its position in First Horizon National Corporation by 2.3% during the second quarter. Vanguard Group Inc. now owns 19,672,261 shares of the financial services provider’s stock worth $342,691,000 after buying an additional 435,264 shares in the last quarter. State Street Corp lifted its stake in First Horizon National Corporation by 6.4% during the second quarter. State Street Corp now owns 14,203,778 shares of the financial services provider’s stock worth $247,425,000 after purchasing an additional 850,609 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in First Horizon National Corporation by 4.0% during the second quarter. JPMorgan Chase & Co. now owns 6,666,134 shares of the financial services provider’s stock worth $116,124,000 after purchasing an additional 258,298 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in First Horizon National Corporation by 6.3% during the second quarter. Franklin Resources Inc. now owns 5,884,000 shares of the financial services provider’s stock worth $102,499,000 after purchasing an additional 349,900 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

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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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