AQR Capital Management LLC Invests $305,000 in First Horizon National Corp (NYSE:FHN)

AQR Capital Management LLC bought a new position in shares of First Horizon National Corp (NYSE:FHN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,437 shares of the financial services provider’s stock, valued at approximately $305,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of First Horizon National by 2.1% during the second quarter. BlackRock Inc. now owns 29,968,737 shares of the financial services provider’s stock worth $447,432,000 after purchasing an additional 616,168 shares in the last quarter. FMR LLC lifted its position in shares of First Horizon National by 0.6% during the first quarter. FMR LLC now owns 26,573,376 shares of the financial services provider’s stock worth $371,496,000 after purchasing an additional 150,026 shares in the last quarter. Parnassus Investments CA lifted its position in shares of First Horizon National by 2.6% during the second quarter. Parnassus Investments CA now owns 9,791,600 shares of the financial services provider’s stock worth $146,189,000 after purchasing an additional 249,349 shares in the last quarter. LSV Asset Management lifted its position in shares of First Horizon National by 6.0% during the second quarter. LSV Asset Management now owns 4,602,100 shares of the financial services provider’s stock worth $68,709,000 after purchasing an additional 260,605 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of First Horizon National by 45.1% during the second quarter. First Trust Advisors LP now owns 2,740,880 shares of the financial services provider’s stock worth $40,921,000 after purchasing an additional 852,162 shares in the last quarter. 84.65% of the stock is currently owned by institutional investors and hedge funds.

FHN opened at $15.93 on Friday. The stock has a market capitalization of $4.87 billion, a PE ratio of 11.30, a P/E/G ratio of 1.98 and a beta of 1.31. The firm’s fifty day moving average price is $15.98 and its 200 day moving average price is $15.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.95 and a quick ratio of 0.94. First Horizon National Corp has a 12-month low of $12.30 and a 12-month high of $16.85.

First Horizon National (NYSE:FHN) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.05. The firm had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $441.32 million. First Horizon National had a net margin of 24.57% and a return on equity of 10.14%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, equities research analysts forecast that First Horizon National Corp will post 1.59 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.56 annualized dividend and a yield of 3.52%. First Horizon National’s dividend payout ratio is presently 39.72%.

In other First Horizon National news, CFO William C. Losch III sold 62,846 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $16.00, for a total transaction of $1,005,536.00. Following the completion of the sale, the chief financial officer now owns 325,901 shares in the company, valued at $5,214,416. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Yousef A. Valine sold 38,817 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $16.03, for a total transaction of $622,236.51. Following the sale, the executive vice president now owns 239,939 shares of the company’s stock, valued at approximately $3,846,222.17. The disclosure for this sale can be found here. Insiders sold 275,616 shares of company stock worth $4,409,979 over the last ninety days. 1.88% of the stock is currently owned by corporate insiders.

A number of research analysts have recently commented on FHN shares. Zacks Investment Research raised shares of First Horizon National from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Friday, July 19th. Wells Fargo & Co upped their price target on shares of First Horizon National from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Raymond James raised shares of First Horizon National from a “market perform” rating to an “outperform” rating and set a $18.00 price target on the stock in a report on Thursday, August 29th. Piper Jaffray Companies assumed coverage on shares of First Horizon National in a report on Wednesday, July 3rd. They issued a “buy” rating and a $18.00 price target on the stock. Finally, Bank of America raised shares of First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 price target on the stock in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. First Horizon National has an average rating of “Hold” and a consensus price target of $18.19.

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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