JPMorgan Chase & Co. Has $91.29 Million Stake in First Horizon National Corp (FHN)

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JPMorgan Chase & Co. cut its stake in shares of First Horizon National Corp (NYSE:FHN) by 9.8% in the 1st quarter, HoldingsChannel reports. The fund owned 6,530,146 shares of the financial services provider’s stock after selling 706,564 shares during the period. JPMorgan Chase & Co.’s holdings in First Horizon National were worth $91,292,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FHN. Buffington Mohr McNeal purchased a new position in shares of First Horizon National during the 1st quarter worth $30,000. Old North State Trust LLC increased its holdings in shares of First Horizon National by 643.1% during the 1st quarter. Old North State Trust LLC now owns 2,378 shares of the financial services provider’s stock worth $33,000 after buying an additional 2,058 shares during the last quarter. Trustcore Financial Services LLC acquired a new stake in shares of First Horizon National during the 1st quarter worth $41,000. Enlightenment Research LLC acquired a new stake in shares of First Horizon National during the 4th quarter worth $50,000. Finally, Toronto Dominion Bank acquired a new stake in shares of First Horizon National during the 4th quarter worth $73,000. Hedge funds and other institutional investors own 89.05% of the company’s stock.

In related news, EVP Susan L. Springfield sold 29,625 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $14.89, for a total value of $441,116.25. Following the completion of the sale, the executive vice president now directly owns 161,006 shares in the company, valued at approximately $2,397,379.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.88% of the stock is currently owned by corporate insiders.

A number of analysts have recently commented on FHN shares. TheStreet upgraded First Horizon National from a “c+” rating to a “b-” rating in a report on Friday, March 1st. Zacks Investment Research downgraded First Horizon National from a “hold” rating to a “sell” rating in a report on Friday, March 8th. ValuEngine downgraded First Horizon National from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Stephens restated a “neutral” rating on shares of First Horizon National in a report on Tuesday, April 16th. Finally, Jefferies Financial Group downgraded First Horizon National from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. First Horizon National currently has a consensus rating of “Hold” and an average price target of $20.00.

Shares of NYSE FHN opened at $14.01 on Friday. First Horizon National Corp has a 12-month low of $12.30 and a 12-month high of $19.43. The firm has a market capitalization of $4.42 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.53 and a beta of 1.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.95 and a quick ratio of 0.93.

First Horizon National (NYSE:FHN) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. First Horizon National had a return on equity of 10.02% and a net margin of 23.95%. The firm had revenue of $435.60 million during the quarter, compared to the consensus estimate of $428.95 million. During the same period in the prior year, the firm earned $0.34 EPS. The firm’s quarterly revenue was down .4% compared to the same quarter last year. On average, analysts forecast that First Horizon National Corp will post 1.48 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.56 annualized dividend and a yield of 4.00%. First Horizon National’s dividend payout ratio is currently 39.72%.

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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.

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

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