Analysts at Zacks Investment Research downgraded shares of First Horizon National Corp. (NYSE: FHN) from Hold to Sell in a research note to investors today. With a rating of Sell on the stock, the company has a 52-week high of $15.50. The one-year price target of $15.46 is higher than the opening price of $15.22, resulting a fair amount of other analysts to issue statements on the company in recent days. Downgrades happen when analysts believe that the future prospects for the security have dropped from the initial recommendation, usually because of an important and crucial digression in the company’s procedures, future direction or industry.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of First Horizon National Corp. (NYSE: FHN) opened at $15.22 yesterday and traded in a range between, $15.05 and $15.28, and last traded at $15.05, a decrease of $0.06 compared to the previous closing price.
First Horizon National Corp. (NYSE: FHN) now has a market cap of 3.49B.
The stock’s average daily volume is 2,102,000 shares out of a total float 228,622,000 and some 1,102,639 shares traded hands yesterday, 67 percent below the average. Swing traders often use increases in trading volume to identify large volume growth or dissemination by institutional investors, so look for trading volume to pick up in the coming days.
However, a single day of high volume buy side trading is not enough to determine a trend. As such, market traders will continue to watch for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that research thousands of stocks, so it is good corroboration to see them taking a postion in a stock you are considering.
By following the activity of these professional investors—and the moving averages they influence—it allows for traders to make more effective judgments on trades.
With that in mind, First Horizon National Corp. (NYSE: FHN) now has a 50-day MA of $15.06 and 200-day MA of $14.12. It has traded in a 52-week range between $11.51 – 15.50 and today’s last price is 0.03% lower than the 52 week high of $15.50.
Earnings growth is a crucial factor to look at when investing in stocks and investors watch for companies that have raised their earnings by at least 25% for a 3 year period.
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