First Horizon National Corp. (NYSE: FHN) shares rose in value Thursday Dec 15 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Analysts at Bank of America Corp. upgraded shares of First Horizon National Corp. (NYSE: FHN) from Underperform to Neutral today. The company currently has a rating of Neutral on the stock. As a means of comparison, a number of other analysts have issued reports on the company recently, and the company has earned a consensus one-year price target of $18.83, a decrease compared to the opening price of $20.07, a difference of 9.45 percent. First Horizon National Corp. stock has a 52-week high of $20.76. Typically, after analysts give an upgrade report on a stock, they will subsequently issue recurring updates, such as a price target change.
First Horizon National Corp. (NYSE: FHN) shares last traded at $19.93, an increase of $0.14 or 0.71% over the previous closing price. Opening at $20.07, they fluctuated from $19.74 and $20.15 throughout the day.
First Horizon National Corp. (NYSE: FHN) now has a market cap of 4.65B.
First Horizon National Corp. (NYSE: FHN) Average Daily Trading Volume
566,271 shares traded hands yesterday, below the norm, out of a total float 229,838,000. Momentum traders often use increases in trading volume to determine substantial volume aggregation or distribution by institutional investors, so look for trading volume to pick up in the coming days.
As with all potential breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to indicate that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
First Horizon National Corp. (NYSE: FHN) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more impactful judgments on trades.
Trades for First Horizon National Corp. (NYSE: FHN) have ranged from $11.51 – 20.76, and the stock now has a 50-day MA of $17.93 and 200-day MA of $15.49. Today’s last price is 4.00%% below the 52 week high of $20.76.
Earnings growth is an important factor to research when buying stocks and investors identify companies that have grown their earnings at least 25% or more for 3 consecutive years.
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