Huber Capital Management LLC Boosts Stake in First Horizon National Corp (FHN)

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Huber Capital Management LLC lifted its position in shares of First Horizon National Corp (NYSE:FHN) by 4.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,137,528 shares of the financial services provider’s stock after buying an additional 83,720 shares during the quarter. First Horizon National accounts for approximately 2.5% of Huber Capital Management LLC’s holdings, making the stock its 8th largest position. Huber Capital Management LLC’s holdings in First Horizon National were worth $38,133,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its stake in First Horizon National by 3.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 127,254 shares of the financial services provider’s stock worth $2,270,000 after purchasing an additional 4,714 shares during the period. EJF Capital LLC boosted its stake in First Horizon National by 73.2% in the 2nd quarter. EJF Capital LLC now owns 1,922,500 shares of the financial services provider’s stock worth $34,297,000 after purchasing an additional 812,500 shares during the period. Federated Investors Inc. PA boosted its stake in First Horizon National by 2.5% in the 2nd quarter. Federated Investors Inc. PA now owns 776,360 shares of the financial services provider’s stock worth $13,850,000 after purchasing an additional 18,988 shares during the period. Meadow Creek Investment Management LLC boosted its stake in First Horizon National by 44.5% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 50,660 shares of the financial services provider’s stock worth $904,000 after purchasing an additional 15,606 shares during the period. Finally, FMR LLC boosted its stake in First Horizon National by 559.4% in the 2nd quarter. FMR LLC now owns 12,480,972 shares of the financial services provider’s stock worth $222,661,000 after purchasing an additional 10,588,072 shares during the period. Institutional investors own 85.83% of the company’s stock.

FHN has been the subject of several analyst reports. SunTrust Banks cut their target price on First Horizon National to $20.00 and set a “$17.03” rating for the company in a research note on Wednesday, July 18th. Stephens restated a “$17.03” rating and issued a $18.50 target price on shares of First Horizon National in a research note on Wednesday, July 18th. Barclays cut their target price on First Horizon National from $23.00 to $21.00 and set a “$17.03” rating for the company in a research note on Wednesday, July 18th. Royal Bank of Canada dropped their price target on First Horizon National from $21.00 to $19.00 and set a “$17.03” rating for the company in a research report on Wednesday, July 18th. Finally, Keefe, Bruyette & Woods dropped their price target on First Horizon National from $23.00 to $22.00 and set a “$17.03” rating for the company in a research report on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $20.83.

Shares of FHN traded up $0.06 during trading hours on Wednesday, reaching $18.52. 50,975 shares of the company’s stock traded hands, compared to its average volume of 2,304,437. The company has a market cap of $5.99 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.11 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.28. First Horizon National Corp has a 12 month low of $15.84 and a 12 month high of $20.86.

First Horizon National (NYSE:FHN) last issued its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.36. The firm had revenue of $438.46 million during the quarter, compared to the consensus estimate of $447.95 million. First Horizon National had a return on equity of 9.64% and a net margin of 10.74%. analysts predict that First Horizon National Corp will post 1.43 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.59%. First Horizon National’s dividend payout ratio is 43.24%.

In other news, Director Scott M. Niswonger acquired 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were bought at an average cost of $18.20 per share, with a total value of $1,820,000.00. Following the acquisition, the director now owns 639,403 shares in the company, valued at approximately $11,637,134.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman D Bryan Jordan acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The shares were purchased at an average cost of $17.76 per share, for a total transaction of $444,000.00. Following the completion of the acquisition, the chairman now owns 611,832 shares in the company, valued at approximately $10,866,136.32. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 130,000 shares of company stock worth $2,352,400. 1.75% of the stock is currently owned by 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.

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

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