First Horizon National Corp. (NYSE:FHN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “First Horizon continues to face revenue challenges with muted growth in interest income and fee income. The slow rise in interest rates will continue to limit significant expansion in margin. Further, the company is burdened with several litigations which may result in substantial high legal expenses. Additionally, regulatory issues keep us cautious. Nevertheless, the company is well poised to benefit from its organic and inorganic growth strategies. Recently, the company acquired restaurant franchise loans from GE Capital. This transaction is expected to be instantly accretive to First Horizon’s earnings per share. The company is also set to gain from its takeover of TrustAtlantic Financial Corp., completed last year.”

Several other research firms have also commented on FHN. Wells Fargo & Co. lowered First Horizon National Corp. from a “market perform” rating to an “underperform” rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $15.50 target price on shares of First Horizon National Corp. in a research note on Monday, July 18th. Finally, Barclays PLC upped their target price on First Horizon National Corp. from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Monday, July 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $15.03.

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First Horizon National Corp. (NYSE:FHN) traded up 0.13% during midday trading on Tuesday, reaching $15.13. The company’s stock had a trading volume of 570,709 shares. First Horizon National Corp. has a 1-year low of $11.51 and a 1-year high of $15.50. The company has a 50 day moving average of $15.05 and a 200-day moving average of $14.11. The company has a market capitalization of $3.51 billion, a P/E ratio of 17.15 and a beta of 1.25.

First Horizon National Corp. (NYSE:FHN) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. First Horizon National Corp. had a return on equity of 8.84% and a net margin of 17.30%. The company earned $321.78 million during the quarter. During the same period last year, the firm earned $0.22 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that First Horizon National Corp. will post $0.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 7th. First Horizon National Corp.’s payout ratio is 30.11%.

In other news, EVP Yousef A. Valine sold 59,196 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $15.05, for a total value of $890,899.80. Following the completion of the sale, the executive vice president now owns 219,642 shares of the company’s stock, valued at $3,305,612.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John M. Daniel sold 53,048 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $14.93, for a total value of $792,006.64. Following the completion of the transaction, the executive vice president now directly owns 283,103 shares of the company’s stock, valued at approximately $4,226,727.79. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mariner Wealth Advisors LLC increased its position in shares of First Horizon National Corp. by 0.3% in the second quarter. Mariner Wealth Advisors LLC now owns 21,235 shares of the financial services provider’s stock worth $293,000 after buying an additional 56 shares in the last quarter. Utah Retirement Systems increased its position in shares of First Horizon National Corp. by 0.5% in the second quarter. Utah Retirement Systems now owns 42,047 shares of the financial services provider’s stock worth $580,000 after buying an additional 200 shares in the last quarter. Raymond James & Associates increased its position in shares of First Horizon National Corp. by 1.0% in the second quarter. Raymond James & Associates now owns 24,879 shares of the financial services provider’s stock worth $343,000 after buying an additional 240 shares in the last quarter. Loews Corp increased its position in shares of First Horizon National Corp. by 2.2% in the second quarter. Loews Corp now owns 14,073 shares of the financial services provider’s stock worth $194,000 after buying an additional 300 shares in the last quarter. Finally, IBM Retirement Fund increased its position in shares of First Horizon National Corp. by 1.5% in the second quarter. IBM Retirement Fund now owns 23,273 shares of the financial services provider’s stock worth $321,000 after buying an additional 336 shares in the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

First Horizon National Corp. 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.

5 Day Chart for NYSE:FHN

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