First Horizon National Corporation (NYSE:FHN) announces loss in Q3

Donna Fago - October 23, 2013
First Horizon National Corporation (NYSE:FHN) recently announced its third quarter earnings and reported loss which is in direct contrast to the profit it made last year. The announcement also contained a $200 million addition to a mortgage repurchase reserve. The total loss to ordinary investors was $107.4 million or $0.45 a share, which if matched with last years figures of $25.8 million or $0.10 per share. An analysis of 23 researchers conducted by Thomson Reuters showed that they presumed the company to inform that it had earned  $0.18 for the three month period.  The researcher’s presumptions generally leave out one-time items.

In the current quarter the company had announced total earnings $309.3 million, which is below the $337 million it earned last year. Research firms believe the company will earn income of f $307.14 million for the three month period.  In the income shown during this period, there was an incorporation of  net interest income of $158.8 million, which is below the $173.4 million it earned last year. Non-interest earnings reduced to $150.5 million, from the previous year’s $163.5 million. Earnings from non-interest expense increased to $433.5 million, compared to last years $263.1 million. The companies banking division First Tennessee, was ranked with the number one market share in Tennessee. The company also announced that it was slowly getting out of the mortgage business it hawked in 2008.

Researchers at Credit Suisse following the announcement have reduced the prices of the companies share from   $13.00 to $12.50.   Credit Suisse has ranked the share  “outperform” .  Other research firms have also spoken about the company, while Sandler O’Neill has lowered the share rating   from a “buy” rating to a “hold and have issued a price band $12, while in another  unrelated move JPMorgan Chase & Co. have lowered the company shares  from an “overweight” rating to a “neutral” rating and have set a price band  of $11.50 per share.

Donna Fago

Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at WallStreetPR.com recently due to my passion for the markets.

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