Nalls Sherbakoff Group LLC purchased a new position in shares of First Horizon National Corp (NYSE:FHN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 33,488 shares of the financial services provider’s stock, valued at approximately $441,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of First Horizon National by 1.5% during the third quarter. Vanguard Group Inc. now owns 30,152,044 shares of the financial services provider’s stock worth $520,425,000 after buying an additional 458,506 shares in the last quarter. Pennsylvania Trust Co grew its holdings in First Horizon National by 47.6% in the fourth quarter. Pennsylvania Trust Co now owns 139,500 shares of the financial services provider’s stock valued at $1,836,000 after purchasing an additional 45,000 shares during the period. Brown Advisory Inc. grew its holdings in First Horizon National by 36.6% in the third quarter. Brown Advisory Inc. now owns 89,112 shares of the financial services provider’s stock valued at $1,537,000 after purchasing an additional 23,872 shares during the period. Virginia National Bank purchased a new stake in First Horizon National in the fourth quarter valued at approximately $3,440,000. Finally, Nordea Investment Management AB grew its holdings in First Horizon National by 49.7% in the third quarter. Nordea Investment Management AB now owns 243,867 shares of the financial services provider’s stock valued at $4,210,000 after purchasing an additional 80,933 shares during the period. Institutional investors and hedge funds own 90.38% of the company’s stock.
Shares of NYSE FHN traded up $0.09 during trading on Monday, reaching $13.55. 34,436 shares of the stock were exchanged, compared to its average volume of 2,869,329. First Horizon National Corp has a twelve month low of $12.30 and a twelve month high of $19.75. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $4.27 billion, a P/E ratio of 9.62, a PEG ratio of 1.34 and a beta of 1.20.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.14 per share. This is a boost from First Horizon National’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon National’s payout ratio is presently 39.72%.
FHN has been the subject of several research reports. ValuEngine downgraded shares of First Horizon National from a “sell” rating to a “strong sell” rating in a research note on Thursday. Zacks Investment Research upgraded shares of First Horizon National from a “sell” rating to a “hold” rating in a research note on Tuesday, February 26th. Morgan Stanley decreased their price objective on shares of First Horizon National from $19.00 to $18.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 11th. Robert W. Baird initiated coverage on shares of First Horizon National in a research note on Thursday, December 20th. They set a “neutral” rating for the company. Finally, TheStreet upgraded shares of First Horizon National from a “c+” rating to a “b-” rating in a research note on Friday, March 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $20.15.
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.
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