First Horizon National (FHN) PT Raised to $22.00 at Morgan Stanley
First Horizon National (NYSE:FHN) had its price objective boosted by equities researchers at Morgan Stanley from $20.00 to $22.00 in a report released on Wednesday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 10.83% from the stock’s current price.
FHN has been the topic of a number of other research reports. Raymond James Financial upped their price objective on First Horizon National from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, October 16th. UBS upgraded First Horizon National from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, November 8th. Zacks Investment Research cut First Horizon National from a “buy” rating to a “sell” rating in a research note on Tuesday, September 19th. ValuEngine cut First Horizon National from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, J P Morgan Chase & Co restated a “buy” rating and issued a $20.00 price target on shares of First Horizon National in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. First Horizon National has an average rating of “Hold” and a consensus target price of $21.00.
Shares of First Horizon National (NYSE FHN) traded up $0.13 during trading on Wednesday, hitting $19.85. The stock had a trading volume of 4,912,000 shares, compared to its average volume of 744,975. First Horizon National has a one year low of $18.68 and a one year high of $45.00. The company has a market cap of $4,670.00, a PE ratio of 18.78, a P/E/G ratio of 2.54 and a beta of 1.03. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. First Horizon National had a return on equity of 9.40% and a net margin of 19.36%. The company had revenue of $337.00 million for the quarter, compared to analysts’ expectations of $340.48 million. During the same quarter in the prior year, the business posted $0.27 EPS. analysts forecast that First Horizon National will post 1.11 earnings per share for the current fiscal year.
In other First Horizon National news, Director R Brad Martin sold 5,449 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $19.25, for a total value of $104,893.25. Following the transaction, the director now directly owns 482,188 shares of the company’s stock, valued at approximately $9,282,119. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William C. Losch III sold 45,107 shares of the company’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $18.63, for a total value of $840,343.41. Following the completion of the transaction, the chief financial officer now directly owns 275,497 shares in the company, valued at $5,132,509.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,056 shares of company stock worth $1,010,022. 2.09% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of FHN. Great West Life Assurance Co. Can grew its holdings in First Horizon National by 0.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 139,850 shares of the financial services provider’s stock valued at $2,434,000 after buying an additional 516 shares in the last quarter. World Asset Management Inc grew its holdings in First Horizon National by 2.2% in the 2nd quarter. World Asset Management Inc now owns 14,781 shares of the financial services provider’s stock valued at $257,000 after buying an additional 313 shares in the last quarter. Sei Investments Co. grew its holdings in First Horizon National by 4.6% in the 2nd quarter. Sei Investments Co. now owns 63,199 shares of the financial services provider’s stock valued at $1,101,000 after buying an additional 2,761 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in First Horizon National by 23.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 26,000 shares of the financial services provider’s stock valued at $453,000 after buying an additional 5,000 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in First Horizon National by 1.4% in the 2nd quarter. Arizona State Retirement System now owns 98,600 shares of the financial services provider’s stock valued at $1,718,000 after buying an additional 1,400 shares in the last quarter. 89.03% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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