Louisiana State Employees Retirement System Cuts Stock Position in First Horizon National Corp (NYSE:FHN)

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Louisiana State Employees Retirement System trimmed its position in First Horizon National Corp (NYSE:FHN) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,600 shares of the financial services provider’s stock after selling 4,600 shares during the period. Louisiana State Employees Retirement System’s holdings in First Horizon National were worth $1,217,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Buffington Mohr McNeal bought a new stake in First Horizon National in the first quarter worth $30,000. Old North State Trust LLC increased its position in shares of First Horizon National by 643.1% in the first quarter. Old North State Trust LLC now owns 2,378 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 2,058 shares during the period. Trustcore Financial Services LLC purchased a new position in shares of First Horizon National in the first quarter valued at about $41,000. ETF Managers Group LLC increased its position in shares of First Horizon National by 11.4% in the first quarter. ETF Managers Group LLC now owns 7,714 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 792 shares during the period. Finally, Advisor Group Inc. increased its position in shares of First Horizon National by 192.8% during the fourth quarter. Advisor Group Inc. now owns 9,492 shares of the financial services provider’s stock valued at $125,000 after buying an additional 6,250 shares during the period. 87.14% of the stock is owned by hedge funds and other institutional investors.

FHN opened at $15.23 on Friday. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 2.02 and a beta of 1.28. The company has a fifty day moving average of $15.56 and a 200 day moving average of $14.90. First Horizon National Corp has a fifty-two week low of $12.30 and a fifty-two week high of $19.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon National (NYSE:FHN) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. First Horizon National had a net margin of 24.57% and a return on equity of 10.14%. The company had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $441.32 million. During the same period last year, the company posted $0.36 earnings per share. First Horizon National’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that First Horizon National Corp will post 1.58 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.56 annualized dividend and a yield of 3.68%. First Horizon National’s dividend payout ratio (DPR) is currently 39.72%.

Several brokerages recently issued reports on FHN. Piper Jaffray Companies began coverage on shares of First Horizon National in a research report on Wednesday, July 3rd. They set a “buy” rating and a $18.00 price target on the stock. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Friday, July 19th. Bank of America raised shares of First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 price objective on the stock in a research note on Tuesday, July 16th. UBS Group raised shares of First Horizon National from a “sell” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Monday, August 5th. Finally, ValuEngine raised shares of First Horizon National from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. First Horizon National has an average rating of “Hold” and an average price target of $18.36.

In related news, insider David T. Popwell sold 53,779 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $15.89, for a total value of $854,548.31. Following the transaction, the insider now owns 385,122 shares of the company’s stock, valued at approximately $6,119,588.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael E. Kisber sold 110,511 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $16.01, for a total transaction of $1,769,281.11. Following the transaction, the insider now directly owns 422,227 shares in the company, valued at approximately $6,759,854.27. The disclosure for this sale can be found here. Insiders have sold 275,616 shares of company stock valued at $4,409,979 in the last quarter. 1.88% of the stock is owned by company insiders.

First Horizon National Company Profile

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.

See Also: Special Dividends

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

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