| Over a week ago | ||||
First Horizon National… First Horizon National Corp.'s board has approved payment of a quarterly cash dividend on its common stock of 15c per share, an increase of 7% from 2019. The dividend is payable April 1 to the common shareholders of record on March 13. The increase raises the regular annual common dividend rate from the 56c per share declared in 2019 to 60c per share. | ||||
| Over a month ago | ||||
Reports Q4 revenue… Reports Q4 revenue $494.7M, consensus $467.13M. Reports Q4 loan loss provision $14.37M vs. $8.49M a year ago. Reports Q4 net charge-off $2.8M vs. $11.53M a year ago. | ||||
U.S. Financial Services… U.S. Financial Services Conference 2019 will be held in New York on December 10-11. | ||||
The 21 smaller cap stocks SunTrust sees rallying over 20% in 2020 »
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SunTrust polled its 34… SunTrust polled its 34 research analysts to get their highest conviction small- and mid-cap ideas with at least 20% upside potential for 2020. The list is as follows: eHealth (EHTH), Workiva (WK), Wix.com (WIX), SailPoint (SAIL), Euronet (EEFT), Stitch Fix (SFIX), Winnebago (WGO), Newell Brands (NWL), Eldorado Resorts (ERI), Marriott Vacations (VAC), PTC Therapeutics (PTCT), Momenta (MNTA), BioDelivery Sciences (BDSI), Axsome Therapeutics (AXSM), HD Supply (HDS), Huntsman (HUN), Targa Resources (TRGP), PDC Energy (PDCE), Parsley Energy (PE), Encore Capital (ECPG) and First Horizon (FHN). | ||||
| Over a quarter ago | ||||
First Horizon National… First Horizon National (FHN), SunTrust Banks, (STI) and BB&T Corporation (BBT) announced that First Horizon Bank has entered into an agreement to acquire 30 branches from SunTrust Bank. As part of the agreement, First Horizon will assume approximately $2.4B in deposits for a deposit premium of 3.40%, and will purchase approximately $410N in loans. "The branch acquisition enhances the company's presence in key growth markets such as Durham, Chapel Hill and Winston-Salem, North Carolina, as well as extends its banking footprint into additional attractive markets in Virginia and Georgia," the company said. The branches are being divested to satisfy regulatory requirements in connection with the previously announced merger of equals between SunTrust and BB&T. The divestiture is expected to close in early 2020. First Horizon expects to retain all current SunTrust employees in the acquired branches when the transaction closes. The branch acquisitions are unrelated to First Horizon's recent announcement of a merger of equals with Iberiabank (IBKC). The acquired bank branches will operate under the First Horizon Bank brand. | ||||
Breakfast Meeting to be… Breakfast Meeting to be held in Boston on November 7 hosted by Evercore ISI. | |
Keefe Bruyette analyst… Keefe Bruyette analyst Catherine Mealor downgraded Iberiabank (IBKC) to Market Perform from Outperform with a price target of $87, up from $85. The analyst took her rating down to align it with her firm's rating on First Horizon (FHN) due to the pending merger. | |
Breakfast Meeting to be… Breakfast Meeting to be held in Boston on November 7 hosted by Evercore ISI. | |
BofA/Merrill analyst… BofA/Merrill analyst Ebrahim Poonawala upgraded First Horizon to Buy from Neutral with a $20 price target after its merger with Iberiabank. The analyst says the combination creates a "formidable bank led by two very capable mgmt teams", offering presence in some of the "most attractive" Southeast metro markets along with added scale necessary to undertake technology investments. Poonawala adds that the integration risks of the two entities cannot be ignored, but both management teams enter the merger with "significant M&A experience". | |
BofA/Merrill upgraded… BofA/Merrill upgraded First Horizon to Buy from Neutral. |