JPMorgan Chase & Co. lowered its position in First Horizon National Corporation (NYSE:FHN) by 6.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,263,688 shares of the financial services provider’s stock after selling 402,446 shares during the quarter. JPMorgan Chase & Co. owned 2.67% of First Horizon National worth $119,198,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Virginia Retirement Systems ET AL boosted its holdings in First Horizon National by 15.2% in the second quarter. Virginia Retirement Systems ET AL now owns 105,600 shares of the financial services provider’s stock valued at $1,840,000 after acquiring an additional 13,900 shares during the last quarter. CNA Financial Corp boosted its holdings in First Horizon National by 11.9% in the second quarter. CNA Financial Corp now owns 64,800 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 6,900 shares during the last quarter. Sei Investments Co. boosted its holdings in First Horizon National by 4.6% in the second quarter. Sei Investments Co. now owns 63,199 shares of the financial services provider’s stock valued at $1,101,000 after acquiring an additional 2,761 shares during the last quarter. Icon Advisers Inc. Co. acquired a new position in First Horizon National in the second quarter valued at $620,000. Finally, Federated Investors Inc. PA boosted its holdings in First Horizon National by 15.7% in the second quarter. Federated Investors Inc. PA now owns 496,388 shares of the financial services provider’s stock valued at $8,647,000 after acquiring an additional 67,440 shares during the last quarter. Hedge funds and other institutional investors own 89.04% of the company’s stock.
Shares of First Horizon National Corporation (FHN) traded up $0.47 on Friday, hitting $19.86. The company’s stock had a trading volume of 21,238,029 shares, compared to its average volume of 2,710,158. The firm has a market capitalization of $4,651.81, a PE ratio of 18.91, a PEG ratio of 2.56 and a beta of 1.03. First Horizon National Corporation has a 12 month low of $15.84 and a 12 month high of $20.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.92 and a current ratio of 0.94.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, November 3rd will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 2nd. First Horizon National’s dividend payout ratio is presently 32.14%.
In other First Horizon National 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 transaction of $104,893.25. Following the transaction, the director now owns 482,188 shares in the company, valued at $9,282,119. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William C. Losch III sold 45,107 shares of the business’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $18.63, for a total value of $840,343.41. Following the transaction, the chief financial officer now owns 275,497 shares in the company, valued at approximately $5,132,509.11. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,056 shares of company stock worth $1,010,022. 2.09% of the stock is currently owned by insiders.
A number of brokerages recently weighed in on FHN. UBS upgraded First Horizon National from a “market perform” rating to an “outperform” rating in a report on Thursday, August 10th. Raymond James Financial lifted their target price on First Horizon National from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, October 16th. Morgan Stanley reiterated an “equal weight” rating and issued a $20.00 target price (up previously from $19.50) on shares of First Horizon National in a report on Wednesday, October 4th. Zacks Investment Research cut First Horizon National from a “buy” rating to a “sell” rating in a report on Tuesday, September 19th. Finally, ValuEngine cut First Horizon National from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $20.38.
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About First Horizon National
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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