Notable Price Action: Could First Horizon National Corp Change Direction After Making 52-Week High?

Notable Price Action: Could First Horizon National Corp Change Direction After Making 52 Week High?

The stock of First Horizon National Corp (NYSE:FHN) hit a new 52-week high and has $22.18 target or 42.00% above today’s $15.62 share price. The 6 months bullish chart indicates low risk for the $3.72B company. The 1-year high was reported on Oct, 6 by Barchart.com. If the $22.18 price target is reached, the company will be worth $1.56B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 393,285 shares traded hands. First Horizon National Corp (NYSE:FHN) has risen 20.68% since March 3, 2016 and is uptrending. It has outperformed by 12.33% the S&P500.

Analysts await First Horizon National Corp (NYSE:FHN) to report earnings on October, 21. They expect $0.25 EPS, down 13.79% or $0.04 from last year’s $0.29 per share. FHN’s profit will be $59.54 million for 15.62 P/E if the $0.25 EPS becomes a reality. After $0.24 actual EPS reported by First Horizon National Corp for the previous quarter, Wall Street now forecasts 4.17% EPS growth.

First Horizon National Corp (NYSE:FHN) Ratings Coverage

Out of 8 analysts covering First Horizon National Corporation (NYSE:FHN), 2 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 25% are positive. $18 is the highest target while $13 is the lowest. The $15.71 average target is 0.58% above today’s ($15.62) stock price. First Horizon National Corporation has been the topic of 16 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “Hold” rating given by Deutsche Bank on Tuesday, January 26. On Monday, October 19 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The stock of First Horizon National Corp (NYSE:FHN) earned “Sector Perform” rating by RBC Capital Markets on Wednesday, January 20. The stock of First Horizon National Corp (NYSE:FHN) has “Equalweight” rating given on Monday, July 18 by Barclays Capital. The firm earned “Underperform” rating on Tuesday, August 23 by Wells Fargo. The company was downgraded on Monday, September 26 by Hovde Group. The stock of First Horizon National Corp (NYSE:FHN) earned “Buy” rating by SunTrust on Monday, October 19. The company was upgraded on Tuesday, January 5 by Hovde Group. The firm has “Hold” rating given on Monday, September 26 by Deutsche Bank. Guggenheim initiated it with “Buy” rating and $18 target price in Thursday, October 8 report.

According to Zacks Investment Research, “The First Horizon National family of companies provides financial services to individual and business customers through: First Horizon Home Loans, FTN Financial, First Tennessee Bank, and First Horizon Merchant Services.”

Insitutional Activity: The institutional sentiment increased to 1.42 in Q2 2016. Its up 0.59, from 0.83 in 2016Q1. The ratio is positive, as 18 funds sold all First Horizon National Corp shares owned while 63 reduced positions. 25 funds bought stakes while 90 increased positions. They now own 180.85 million shares or 1.18% less from 183.00 million shares in 2016Q1.
Profund Advsrs Ltd Com holds 0.02% or 28,702 shares in its portfolio. Old Mutual Customised Solutions (Proprietary) Limited, a South Africa-based fund reported 8,100 shares. Mendon Cap Advsrs accumulated 250,000 shares or 0.36% of the stock. Amer Gru Inc accumulated 0% or 450,463 shares. Blackrock Institutional Tru Na has 7.35M shares for 0.02% of their US portfolio. Nordea Investment Mngmt Ab holds 0% of its portfolio in First Horizon National Corp (NYSE:FHN) for 182,824 shares. Blackrock Advsrs Lc last reported 128,876 shares in the company. Eaton Vance Management holds 0% or 76,941 shares in its portfolio. Marshall Wace Ltd Liability Partnership holds 128,931 shares or 0.01% of its portfolio. Amalgamated Commercial Bank has 31,390 shares for 0.03% of their US portfolio. Credit Agricole S A reported 33,315 shares or 0% of all its holdings. D E Shaw Inc has invested 0.04% of its portfolio in First Horizon National Corp (NYSE:FHN). New York State Teachers Retirement Systems, a New York-based fund reported 498,300 shares. Northern Trust accumulated 0.01% or 2.43M shares. Moreover, Jarislowsky Fraser Ltd has 0.01% invested in First Horizon National Corp (NYSE:FHN) for 95,636 shares.

Insider Transactions: Since May 12, 2016, the stock had 2 insider purchases, and 10 sales for $14.08 million net activity. $6.96M worth of First Horizon National Corp (NYSE:FHN) was sold by Kisber Michael E on Monday, August 29. $13,910 worth of shares were bought by MARTIN R BRAD on Friday, June 10. Tuggle Charles T Jr sold $2.14M worth of First Horizon National Corp (NYSE:FHN) on Friday, August 26. Shares for $1.27 million were sold by Losch William C III. POPWELL DAVID T sold 110,422 shares worth $1.67M. Another trade for 53,048 shares valued at $791,957 was made by Daniel John M on Wednesday, August 24. $890,874 worth of First Horizon National Corp (NYSE:FHN) was sold by Valine Yousef A. on Friday, August 26.

Another recent and important First Horizon National Corp (NYSE:FHN) news was published by Globenewswire.com which published an article titled: “First Horizon National Corp. to participate in 2016 Barclays Global Financial …” on September 08, 2016.

FHN Company Profile

First Horizon National Corporation (FHN), incorporated on September 23, 1968, is a bank holding company. The Firm provides financial services through its subsidiary, First Tennessee Bank National Association (the Bank). The Firm operates through four divisions: regional banking, fixed income, corporate and non-strategic. The Company’s subsidiaries have over 200 business locations in the United States. The Bank has various branch locations in approximately eight states, which include over 160 branches in Tennessee; approximately two branches in northwestern Georgia; approximately six branches in northwestern Mississippi; approximately seven branches in North Carolina, and a branch each in Virginia, South Carolina, Florida and Texas.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Leave a Comment