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First Horizon Drops on Wider Loss
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ShareFirst Horizon National Corp (FHN) swung to a first-quarter loss of 39 cents per share on mortgages and commercial loans, wider than the consensus for a loss of 24 cents.
Shares were down almost 6% today on volume of 5.2 million, versus average volume of 6 million.
The company’s loss excluded a payment of $14.96 million in preferred stock dividends, which it did not pay a year ago. In October, First Horizon had received an $866 million cash infusion under the U.S. government's Troubled Asset Relief Program.
Loss estimates for the year have widened by a penny to 60 cents in the past month as 7 out of 16 analysts pulled back on expectations.
First Horizon is a Zacks #3 Rank ("Hold").
Read the full analyst report on FHN
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