First Horizon National Corporation (FHN) Short Interest Update

First Horizon National Corporation (NYSE:FHN) was the recipient of a large drop in short interest in the month of December. As of December 29th, there was short interest totalling 7,967,716 shares, a drop of 48.4% from the December 15th total of 15,452,334 shares. Currently, 3.7% of the shares of the stock are sold short. Based on an average trading volume of 2,766,925 shares, the days-to-cover ratio is presently 2.9 days.

In related news, Director R Brad Martin sold 5,449 shares of First Horizon National stock in a transaction on Friday, October 20th. The shares were sold at an average price of $19.25, for a total value of $104,893.25. Following the sale, the director now owns 482,188 shares of the company’s stock, valued at approximately $9,282,119. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.09% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in First Horizon National by 137.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,862,020 shares of the financial services provider’s stock valued at $84,697,000 after buying an additional 2,817,897 shares during the period. NWQ Investment Management Company LLC purchased a new stake in First Horizon National in the 3rd quarter valued at about $50,493,000. Janus Henderson Group PLC raised its holdings in First Horizon National by 738.1% in the 3rd quarter. Janus Henderson Group PLC now owns 2,131,536 shares of the financial services provider’s stock valued at $40,819,000 after buying an additional 1,877,196 shares during the period. Lord Abbett & CO. LLC raised its holdings in First Horizon National by 56.1% in the 2nd quarter. Lord Abbett & CO. LLC now owns 4,270,239 shares of the financial services provider’s stock valued at $74,388,000 after buying an additional 1,534,966 shares during the period. Finally, Allianz Asset Management GmbH purchased a new stake in First Horizon National in the 3rd quarter valued at about $27,689,000. Institutional investors and hedge funds own 88.97% of the company’s stock.

Several brokerages have issued reports on FHN. Vining Sparks raised shares of First Horizon National to a “buy” rating and set a $25.00 target price on the stock in a research note on Monday, January 8th. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a research note on Tuesday, January 9th. Barclays lifted their target price on shares of First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $22.00 target price on shares of First Horizon National in a research note on Tuesday, December 5th. Finally, Morgan Stanley lifted their target price on shares of First Horizon National from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and three have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $22.00.

First Horizon National (NYSE:FHN) opened at $20.58 on Tuesday. First Horizon National has a fifty-two week low of $15.84 and a fifty-two week high of $20.86. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $4,820.46, a price-to-earnings ratio of 18.38, a PEG ratio of 2.08 and a beta of 1.03.

First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.32 EPS for the quarter, topping the consensus estimate 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 business had revenue of $337.00 million for the quarter, compared to analyst estimates of $340.48 million. During the same quarter in the previous year, the firm earned $0.27 EPS. research analysts expect that First Horizon National will post 1.11 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, November 3rd were issued a dividend of $0.09 per share. The ex-dividend date was Thursday, November 2nd. This represents a $0.36 annualized dividend and a dividend yield of 1.75%. First Horizon National’s dividend payout ratio is presently 32.14%.

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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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