Zacks Investment Research downgraded shares of First Horizon National Corp. (NYSE:FHN) from a buy rating to a hold rating in a report issued on Friday.

According to Zacks, “First Horizon’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. It is well poised to benefit from its inorganic growth strategies. Notably, in Sep 2016 the company completed the acquisition of the restaurant franchise loans from GE Capital which is expected to be instantly accretive to the company’s earnings. The company’s focus on cost control and efforts to strengthen its core Tennessee banking franchise bodes well for the long term. However, the slow rise in interest rates will continue to limit significant expansion in margin. Also, it is burdened with several litigations which may result in substantial high legal expenses. Further, regulatory issues are also likely to adversely impact the company's financials.”

Several other research firms have also recently commented on FHN. Hovde Group cut shares of First Horizon National Corp. from an outperform rating to a market perform rating and set a $16.50 price target on the stock. in a research note on Monday, September 26th. Deutsche Bank AG increased their price objective on shares of First Horizon National Corp. from $13.50 to $15.50 and gave the company a hold rating in a report on Monday, September 26th. Wells Fargo & Co. lowered shares of First Horizon National Corp. from a market perform rating to an underperform rating in a report on Tuesday, August 23rd. JPMorgan Chase & Co. restated a hold rating and issued a $15.50 price objective on shares of First Horizon National Corp. in a report on Monday, July 18th. Finally, Barclays PLC increased their price objective on shares of First Horizon National Corp. from $15.00 to $16.00 and gave the company an equal weight rating in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. First Horizon National Corp. currently has a consensus rating of Hold and a consensus price target of $15.50.

First Horizon National Corp. (NYSE:FHN) traded up 0.64% during trading on Friday, hitting $15.73. 881,170 shares of the stock traded hands. The company has a market capitalization of $3.65 billion, a P/E ratio of 17.83 and a beta of 1.16. The company’s 50 day moving average is $15.19 and its 200 day moving average is $14.31. First Horizon National Corp. has a one year low of $11.51 and a one year high of $15.83.

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

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Wednesday, September 7th. First Horizon National Corp.’s dividend payout ratio (DPR) is presently 30.11%.

In related news, CFO William C. Losch III sold 84,566 shares of First Horizon National Corp. stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $15.04, for a total transaction of $1,271,872.64. Following the completion of the sale, the chief financial officer now owns 300,204 shares of the company’s stock, valued at approximately $4,515,068.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David T. Popwell sold 110,422 shares of First Horizon National Corp. stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $15.12, for a total transaction of $1,669,580.64. Following the sale, the insider now directly owns 299,844 shares of the company’s stock, valued at approximately $4,533,641.28. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Citadel Advisors LLC increased its stake in shares of First Horizon National Corp. by 110.3% in the second quarter. Citadel Advisors LLC now owns 5,415,762 shares of the financial services provider’s stock valued at $74,630,000 after buying an additional 2,840,255 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of First Horizon National Corp. by 19.9% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 5,455,922 shares of the financial services provider’s stock valued at $75,183,000 after buying an additional 905,461 shares during the last quarter. Citigroup Inc. increased its stake in shares of First Horizon National Corp. by 893.6% in the second quarter. Citigroup Inc. now owns 986,573 shares of the financial services provider’s stock valued at $13,595,000 after buying an additional 887,280 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of First Horizon National Corp. by 4.1% in the second quarter. Vanguard Group Inc. now owns 17,259,984 shares of the financial services provider’s stock valued at $237,842,000 after buying an additional 679,074 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of First Horizon National Corp. by 8.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,349,946 shares of the financial services provider’s stock valued at $101,282,000 after buying an additional 576,009 shares during the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

About First Horizon National Corp.

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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