First Horizon National Corp (FHN) Position Raised by Monarch Partners Asset Management LLC

Monarch Partners Asset Management LLC increased its stake in First Horizon National Corp (NYSE:FHN) by 21.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 779,630 shares of the financial services provider’s stock after acquiring an additional 139,960 shares during the quarter. First Horizon National makes up about 1.3% of Monarch Partners Asset Management LLC’s portfolio, making the stock its 24th biggest holding. Monarch Partners Asset Management LLC owned 0.24% of First Horizon National worth $13,909,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of FHN. Capital Advantage Inc. purchased a new stake in First Horizon National in the 2nd quarter worth $100,000. First Mercantile Trust Co. grew its holdings in shares of First Horizon National by 91.8% during the first quarter. First Mercantile Trust Co. now owns 7,615 shares of the financial services provider’s stock worth $143,000 after buying an additional 3,644 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of First Horizon National during the first quarter worth $177,000. Signition LP purchased a new stake in shares of First Horizon National during the second quarter worth $180,000. Finally, Hartford Investment Management Co. purchased a new stake in shares of First Horizon National during the second quarter worth $187,000. 82.96% of the stock is owned by institutional investors.

A number of research firms have recently issued reports on FHN. Morgan Stanley dropped their target price on shares of First Horizon National from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, July 20th. SunTrust Banks dropped their target price on shares of First Horizon National to $20.00 and set a “$17.03” rating for the company in a report on Wednesday, July 18th. Stephens reaffirmed a “$17.03” rating and set a $18.50 target price on shares of First Horizon National in a report on Wednesday, July 18th. Barclays dropped their target price on shares of First Horizon National from $23.00 to $21.00 and set a “$17.03” rating for the company in a report on Wednesday, July 18th. Finally, Royal Bank of Canada dropped their target price on shares of First Horizon National from $21.00 to $19.00 and set a “$17.03” rating for the company in a report on Wednesday, July 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $20.83.



In related news, Chairman D Bryan Jordan bought 25,000 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were bought at an average price of $17.76 per share, with a total value of $444,000.00. Following the completion of the transaction, the chairman now directly owns 611,832 shares of the company’s stock, valued at approximately $10,866,136.32. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott M. Niswonger purchased 100,000 shares of First Horizon National stock in a transaction dated Wednesday, August 1st. The shares were acquired at an average cost of $18.20 per share, for a total transaction of $1,820,000.00. Following the transaction, the director now directly owns 639,403 shares of the company’s stock, valued at approximately $11,637,134.60. The disclosure for this purchase can be found here. Insiders acquired 130,000 shares of company stock worth $2,352,400 in the last ninety days. 1.75% of the stock is currently owned by corporate insiders.

Shares of FHN stock traded down $0.07 on Wednesday, hitting $18.35. 59,039 shares of the stock traded hands, compared to its average volume of 3,614,312. First Horizon National Corp has a twelve month low of $15.84 and a twelve month high of $20.86. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.28. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 1.82 and a beta of 0.92.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be given a $0.12 dividend. The ex-dividend date is Thursday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.62%. First Horizon National’s payout ratio is currently 43.24%.

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.

Further Reading: Outstanding Shares and The Effect on Share Price

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Institutional Ownership by Quarter for First Horizon National (NYSE:FHN)

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