First Horizon National Corp (NYSE:FHN) Sees Significant Increase in Short Interest

First Horizon National Corp (NYSE:FHN) saw a large increase in short interest in the month of November. As of November 29th, there was short interest totalling 12,450,000 shares, an increase of 42.8% from the November 14th total of 8,720,000 shares. Based on an average trading volume of 3,370,000 shares, the short-interest ratio is currently 3.7 days. Currently, 4.2% of the shares of the company are short sold.

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of First Horizon National from an “outperform” rating to a “market perform” rating and raised their target price for the company from $17.00 to $17.50 in a research note on Wednesday, October 16th. Raymond James raised First Horizon National from a “market perform” rating to an “outperform” rating and set a $18.00 price target on the stock in a research report on Thursday, August 29th. Wells Fargo & Co upped their price objective on First Horizon National from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Bank of America upgraded First Horizon National from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday, November 5th. Finally, Zacks Investment Research cut First Horizon National from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $18.19.

In other news, EVP Yousef A. Valine sold 28,249 shares of First Horizon National stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.12, for a total value of $483,622.88. Following the completion of the transaction, the executive vice president now owns 229,371 shares of the company’s stock, valued at approximately $3,926,831.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.88% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in First Horizon National by 2.1% during the 2nd quarter. BlackRock Inc. now owns 29,968,737 shares of the financial services provider’s stock worth $447,432,000 after purchasing an additional 616,168 shares during the last quarter. Parnassus Investments CA boosted its position in shares of First Horizon National by 2.6% in the second quarter. Parnassus Investments CA now owns 9,791,600 shares of the financial services provider’s stock valued at $146,189,000 after acquiring an additional 249,349 shares during the period. LSV Asset Management boosted its position in shares of First Horizon National by 6.0% in the second quarter. LSV Asset Management now owns 4,602,100 shares of the financial services provider’s stock valued at $68,709,000 after acquiring an additional 260,605 shares during the period. First Trust Advisors LP boosted its position in shares of First Horizon National by 15.7% in the third quarter. First Trust Advisors LP now owns 3,171,723 shares of the financial services provider’s stock valued at $51,382,000 after acquiring an additional 430,843 shares during the period. Finally, Millennium Management LLC grew its stake in shares of First Horizon National by 1,816.1% in the third quarter. Millennium Management LLC now owns 2,764,117 shares of the financial services provider’s stock valued at $44,778,000 after acquiring an additional 2,619,861 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors.

Shares of FHN stock remained flat at $$16.20 during midday trading on Wednesday. 4,782,333 shares of the company traded hands, compared to its average volume of 3,271,406. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 1.19 and a beta of 1.29. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average price of $16.27 and a 200 day moving average price of $15.61. First Horizon National has a 1-year low of $12.30 and a 1-year high of $17.42.

First Horizon National (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The firm had revenue of $472.40 million for the quarter, compared to analysts’ expectations of $466.10 million. First Horizon National had a net margin of 19.09% and a return on equity of 10.34%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. As a group, equities research analysts predict that First Horizon National will post 1.61 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Thursday, December 12th. First Horizon National’s dividend payout ratio is presently 39.72%.

About First Horizon National

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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