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IBKC

Iberiabank

$74.72

1.45 (1.98%)

, FHN

First Horizon

$16.31

0.34 (2.13%)

07:04
11/04/19
11/04
07:04
11/04/19
07:04

Iberiabank, First Horizon to combine in all-stock merger of equals

First Horizon National Corp. (FHN) and IBERIABANK Corporation (IBKC) announced that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals.Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, the combined holding company and bank will operate under the First Horizon name and will be headquartered in Memphis, Tenn. Once the transaction is completed, the combined company will be one of the largest financial services companies headquartered in the South and one of the top 25 banks in the U.S. in deposits. Under the terms of the merger agreement, IBERIABANK shareholders will receive 4.584 shares of First Horizon for each IBERIABANK share they own. First Horizon shareholders will own 56% and IBERIABANK shareholders will own 44% of the combined company. Additionally, IBERIABANK shareholders will receive a 43% increase in their dividend after consummation of the transaction, based upon each company's current dividend per share. The transaction is projected to deliver approximately 16% EPS accretion to First Horizon and approximately 22% EPS accretion to IBERIABANK by year-end 2021. The transaction is expected to deliver approximately $170M in pre-tax cost synergies, primarily driven by annual run-rate cost savings such as redundancies in overhead, bank branches, operations and computer services. The combined company will be headquartered in Memphis, Tenn., and will maintain a significant operating presence in all of the markets in which both companies operate today. The combined company's regional banking headquarters will be located in New Orleans, La. Upon closing of the transaction, the Board of Directors will consist of nine directors from First Horizon and eight directors from IBERIABANK. The new company will be led by Daryl G. Byrd as Executive Chairman of the Board of Directors and D. Bryan Jordan as CEO. The merger is expected to close in the second quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company

IBKC

Iberiabank

$74.72

1.45 (1.98%)

FHN

First Horizon

$16.31

0.34 (2.13%)

  • 07

    Nov

  • 13

    Nov

  • 12

    Dec

IBKC Iberiabank
$74.72

1.45 (1.98%)

07/22/19
RHCO
07/22/19
NO CHANGE
Target $86
RHCO
Buy
Iberiabank price target lowered to $86 from $91 at SunTrust
SunTrust analyst Jennifer Demba lowered her price target on Iberiabank to $86 and also lowered her FY19 EPS view by 12c to $7.02 after its Q2 results showed lower spread income partially offset by higher fee income and lower expenses. The analyst maintains her Buy rating on Iberiabank however, saying its lending pipeline is still healthy and the management has indicated that it is open to different M&A opportunities but is not interested in "high premium" deals.
10/21/19
RHCO
10/21/19
NO CHANGE
Target $80
RHCO
Buy
Iberiabank price target lowered to $80 from $86 at SunTrust
SunTrust analyst Jennifer Demba lowered her price target on Iberiabank to $80 after its Q3 results on Friday and also reduced her FY20 EPS view to $6.70 from $7.23 to reflect the company's lower net interest margin assumption. Demba is still keeping her Buy rating however, forecasting Iberiabank's cost of deposits to decline in Q4 and noting that the bank's asset quality remains "excellent".
10/22/19
SDLR
10/22/19
DOWNGRADE
Target $76
SDLR
Hold
Iberiabank downgraded to Hold from Buy at Sandler O'Neill
Sandler O'Neill analyst Stephen Scouten downgraded Iberiabank to Hold from Buy with a price target of $76, down from $86.
10/22/19
SDLR
10/22/19
DOWNGRADE
Target $76
SDLR
Hold
Iberiabank downgraded to Hold on expected NIM pressure at Sandler O'Neill
As previously reported, Sandler O'Neill analyst Stephen Scouten downgraded Iberiabank to Hold from Buy with a price target of $76, down from $86. While the company's Q3 results beat expectations on strong fee growth and muted credit costs, net interest margin will face incremental downward pressure that will likely result in a decline in 2020 net interest income, Scouten tells investors. He forecasts a 6% year-over-year decline in EPS in 2020, Scouten noted.
FHN First Horizon
$16.31

0.34 (2.13%)

08/05/19
08/05/19
UPGRADE
Target $19

Buy
First Horizon upgraded to Buy from Neutral at UBS
As previously reported, UBS analyst Brock Vandervliet upgraded First Horizon National to Buy from Neutral and raised his price target for the shares to $19 from $15. The analyst notes that among its peers, the company offers a "sturdier" net interest margin early in the rate cut cycle along with greater willingness to cut costs. Vandervliet adds that First Horizon gets some contribution from its fixed income brokerage FTN Financial, raising his FY19 and FY20 EPS view by 15c and 14c to $1.59 and 1.65.
08/29/19
RAJA
08/29/19
UPGRADE
RAJA
Outperform
First Horizon upgraded to Outperform from Market Perform at Raymond James
08/29/19
RAJA
08/29/19
UPGRADE
Target $18
RAJA
Outperform
First Horizon upgraded to Outperform from Market Perform at Raymond James
Raymond James analyst Michael Rose upgraded First Horizon National to Outperform from Market Perform with an $18 price target. The company's fixed income and mortgage warehouse business should benefit from lower interest rates, expense control efforts, and solid loan growth, Rose tells investors in a research note. As such, despite reducing his estimates, the analyst sees a positive risk/reward on shares.
10/16/19
KBWI
10/16/19
DOWNGRADE
Target $17.5
KBWI
Market Perform
First Horizon downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Brady Gailey downgraded First Horizon National to Market Perform from Outperform with a price target of $17.50, up from $17. The shares have outperformed year to date, up 18.3%, Gailey tells investors in a research note. The analyst, who believes First Horizon reported "strong" Q3 results, sees more limited upside at current share levels.

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