First Horizon National Corporation (NYSE: FHN) shares slid back in value in early trading today on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, U.S. stocks edged lower Monday, with major indexes retreating from record levels.
The Dow Jones Industrial Average DJIA, -0.31% fell 48 points, or 0.2%, to 19,916, while the S&P 500 index SPX, -0.29% lost 5 points to 2,272, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.03% rose 4 points to 5,529, a gain of about 0.1%.
Analysts at Wells Fargo & Company upgraded shares of First Horizon National Corporation (NYSE: FHN) from to Market Perform today. The company currently has a rating of Market Perform on the shares. As a means of comparison, a number of other analysts have spoken on the company in recent days, and the company has earned a consensus one-year price target of $20.20, above the opening price of $20.18. First Horizon National Corporation stock has a 52-week high of $20.76. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue recurring revisions, such as a price target change.
Shares of First Horizon National Corporation (NYSE: FHN) opened at $20.18 yesterday and traded in a range between, $19.95 and $20.18, and last traded at $20.04, which represents a drop of $0.22 over the previous closing price.
First Horizon National Corporation (NYSE: FHN) now has a market cap of 4.67B.
First Horizon National Corporation (NYSE: FHN) Average Daily Trading Volume
327,150 shares traded hands yesterday, 93 percent below the average, out of a total float 229,834,000. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show 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.
These professional investors retain teams of analysts researching thousands of stocks, so it is good corroboration to see them buying a stock you’re researching.
First Horizon National Corporation (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 effective decisions on trades.
Trades for First Horizon National Corporation (NYSE: FHN) have ranged from $11.51 – 20.76, and the stock now has a 50-day MA of $19.76 and 200-day MA of $16.15. Today’s last price is 3.47%% below the 52 week high of $20.76.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have been successful at growing their earnings at least 25% or more for the past 3 years.
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