State Treasurer State of Michigan Cuts Stake in First Horizon National Corp (NYSE:FHN)
State Treasurer State of Michigan lowered its position in shares of First Horizon National Corp (NYSE:FHN) by 17.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 93,383 shares of the financial services provider’s stock after selling 20,100 shares during the period. State Treasurer State of Michigan’s holdings in First Horizon National were worth $1,394,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Buffington Mohr McNeal purchased a new position in First Horizon National in the first quarter valued at about $30,000. NEXT Financial Group Inc purchased a new position in First Horizon National in the second quarter valued at about $30,000. Steward Partners Investment Advisory LLC purchased a new position in First Horizon National in the second quarter valued at about $38,000. Trustcore Financial Services LLC purchased a new position in First Horizon National in the first quarter valued at about $41,000. Finally, ETF Managers Group LLC grew its stake in First Horizon National by 11.4% in the first quarter. ETF Managers Group LLC now owns 7,714 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 792 shares during the last quarter. Hedge funds and other institutional investors own 87.14% of the company’s stock.
Shares of FHN stock opened at $15.42 on Wednesday. First Horizon National Corp has a fifty-two week low of $12.30 and a fifty-two week high of $19.01. The stock has a market capitalization of $4.99 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 2.05 and a beta of 1.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.95 and a quick ratio of 0.94. The business’s 50-day simple moving average is $15.52.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 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 3.63%. The ex-dividend date of this dividend is Thursday, September 12th. First Horizon National’s dividend payout ratio (DPR) is 39.72%.
In related news, EVP John M. Daniel sold 9,663 shares of First Horizon National stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $16.39, for a total transaction of $158,376.57. Following the completion of the sale, the executive vice president now owns 244,870 shares of the company’s stock, valued at $4,013,419.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Yousef A. Valine sold 38,817 shares of First Horizon National stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $16.03, for a total value of $622,236.51. Following the sale, the executive vice president now directly owns 239,939 shares of the company’s stock, valued at approximately $3,846,222.17. The disclosure for this sale can be found here. Insiders have sold 275,616 shares of company stock valued at $4,409,979 in the last ninety days. Corporate insiders own 1.88% of the company’s stock.
Several equities analysts have issued reports on the company. Bank of America upgraded First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 target price on the stock in a research note on Tuesday, July 16th. Piper Jaffray Companies began coverage on First Horizon National in a research note on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price target on the stock. ValuEngine upgraded First Horizon National from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 29th. Zacks Investment Research upgraded First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Friday, July 19th. Finally, UBS Group upgraded First Horizon National from a “sell” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $18.36.
First Horizon National Company Profile
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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