New York State Common Retirement Fund Grows Stock Holdings in First Horizon National Co. (NYSE:FHN)
New York State Common Retirement Fund lifted its position in First Horizon National Co. (NYSE:FHN) by 55.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,083,222 shares of the financial services provider’s stock after buying an additional 385,920 shares during the period. New York State Common Retirement Fund owned approximately 0.35% of First Horizon National worth $10,215,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in First Horizon National by 8.7% in the second quarter. Principal Financial Group Inc. now owns 1,139,974 shares of the financial services provider’s stock valued at $11,354,000 after acquiring an additional 91,025 shares in the last quarter. Magnus Financial Group LLC purchased a new stake in shares of First Horizon National during the 2nd quarter valued at $490,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of First Horizon National by 15.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,193 shares of the financial services provider’s stock worth $291,000 after purchasing an additional 3,918 shares in the last quarter. Hexavest Inc. grew its stake in First Horizon National by 228.2% during the 3rd quarter. Hexavest Inc. now owns 106,713 shares of the financial services provider’s stock worth $1,006,000 after buying an additional 74,196 shares during the last quarter. Finally, World Asset Management Inc increased its position in First Horizon National by 75.4% during the 3rd quarter. World Asset Management Inc now owns 22,075 shares of the financial services provider’s stock valued at $208,000 after buying an additional 9,489 shares in the last quarter. Hedge funds and other institutional investors own 99.05% of the company’s stock.
Shares of FHN stock opened at $11.97 on Friday. First Horizon National Co. has a twelve month low of $6.27 and a twelve month high of $17.40. The stock has a market cap of $6.64 billion, a P/E ratio of 7.82 and a beta of 1.52. The stock has a 50 day moving average of $10.88 and a 200 day moving average of $9.82. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.01%. The ex-dividend date of this dividend is Thursday, December 10th. First Horizon National’s payout ratio is currently 36.14%.
A number of equities research analysts have recently weighed in on the company. TheStreet upgraded First Horizon National from a “c+” rating to a “b-” rating in a research note on Thursday, November 12th. Raymond James boosted their target price on shares of First Horizon National from $12.00 to $13.00 and gave the stock a “strong-buy” rating in a research report on Monday, October 26th. Jefferies Financial Group raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Thursday, October 8th. Morgan Stanley started coverage on shares of First Horizon National in a report on Monday, August 17th. They set an “equal weight” rating and a $12.00 price objective on the stock. Finally, The Goldman Sachs Group began coverage on First Horizon National in a research report on Thursday, August 20th. They issued a “buy” rating and a $12.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $12.15.
About First Horizon National
First Horizon National Corporation operates as the bank holding company for First Horizon Bank 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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