First Horizon FHN raised $238 million in net proceeds, issuing 23.8 million shares at $10.50, J.P. Morgan reports. In addition, the company completed a $500 million note offering and plans to redeem $103 million in 8.07% TRUPs.
“We had previously assumed the company would raise $290 million in common at YE11 (33% of TARP),” J.P. Morgan writes. “Given $43 million in annual dividends saved, we are adjusting our 2011E EPS from $0.26 to $0.45. Our 2012 EPS estimate is being tweaked to $0.66 from $0.65. We estimate normalized EPS of $1.20 (2014E).”
J.P. Morgan maintains its Neutral rating on shares of First Horizon, which closed Wednesday at $10.65.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in