First Horizon National Corporation (NYSE:FHN) Position Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of First Horizon National Corporation (NYSE:FHN) by 59.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,579,251 shares of the financial services provider’s stock after buying an additional 588,885 shares during the period. Principal Financial Group Inc. owned approximately 0.67% of First Horizon National worth $30,244,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Parnassus Investments CA lifted its holdings in shares of First Horizon National by 8.6% in the third quarter. Parnassus Investments CA now owns 5,654,568 shares of the financial services provider’s stock worth $108,285,000 after acquiring an additional 446,174 shares during the last quarter. Frontier Capital Management Co. LLC lifted its holdings in shares of First Horizon National by 3.3% in the third quarter. Frontier Capital Management Co. LLC now owns 4,783,526 shares of the financial services provider’s stock worth $91,605,000 after acquiring an additional 154,272 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of First Horizon National in the third quarter worth about $481,000. Calamos Advisors LLC lifted its holdings in shares of First Horizon National by 69.5% in the third quarter. Calamos Advisors LLC now owns 985,161 shares of the financial services provider’s stock worth $18,866,000 after acquiring an additional 403,833 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of First Horizon National in the third quarter worth about $1,998,000. Hedge funds and other institutional investors own 89.03% of the company’s stock.

In related news, Director R Brad Martin sold 5,449 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $19.25, for a total value of $104,893.25. Following the sale, the director now directly owns 482,188 shares in the company, valued at approximately $9,282,119. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William C. Losch III sold 45,107 shares of First Horizon National 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 transaction, the chief financial officer now directly owns 275,497 shares of the company’s stock, valued at approximately $5,132,509.11. The disclosure for this sale can be found here. Insiders have sold a total of 54,056 shares of company stock worth $1,010,022 over the last ninety days. Insiders own 2.09% of the company’s stock.

First Horizon National Corporation (NYSE:FHN) traded up $0.41 during trading on Monday, reaching $20.27. 24,031,586 shares of the company’s stock traded hands, compared to its average volume of 622,752. The company has a market cap of $4,651.82, a price-to-earnings ratio of 18.91, a price-to-earnings-growth ratio of 2.56 and a beta of 1.03. First Horizon National Corporation has a 52-week low of $18.68 and a 52-week high of $45.00. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38.

First Horizon National (NYSE:FHN) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The company had revenue of $337.00 million during the quarter, compared to the consensus estimate of $340.48 million. First Horizon National had a net margin of 19.36% and a return on equity of 9.40%. During the same quarter last year, the firm posted $0.27 EPS. equities research analysts expect that First Horizon National Corporation will post 1.11 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, November 3rd will be issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Thursday, November 2nd. First Horizon National’s dividend payout ratio is 32.14%.

A number of research firms have recently commented on FHN. Barclays began coverage on shares of First Horizon National in a report on Monday. They issued an “equal weight” rating and a $21.00 target price for the company. Raymond James Financial raised shares of First Horizon National from an “outperform” rating to a “strong-buy” rating and set a $22.00 target price for the company in a report on Wednesday, November 8th. UBS upgraded shares of First Horizon National from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 8th. Hovde Group raised their price objective on shares of First Horizon National from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Monday, October 16th. Finally, Zacks Investment Research upgraded shares of First Horizon National from a “sell” rating to a “hold” rating in a report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $20.50.

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First Horizon National Company Profile

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.

Institutional Ownership by Quarter for First Horizon National (NYSE:FHN)

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