First Horizon National Corporation (NYSE:FHN) announced a bigger than projected loss for its Q2, weighed down by a large charge as the financial company coped with the constant fallout of the housing disaster. Shares of the company plunged over 5% on Friday following the report.
Banks all over the state have been forced to repurchase billions of dollars in mortgage securities over the previous few years. They made borrowing that were bundled into mortgage-backed securities and vended to investors. Government-supported enterprises Fannie Mae and Freddie Mac charge the loans were made offensively and are requiring refund.
First Horizon Company warned investors in June that it would boost $250 million to its mortgage buyback reserve. The company also allocated an extra $22 million to cover possible litigation costs linked with mortgages.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Pinnacle Financial Partners (NASDAQ:PNFP) fell -0.41% to settle at $319.45, SunTrust Banks, Inc (NYSE:STI) moved down -2.97% to end at $23.52 while First Security Group Inc (NASDAQ:FSGI) plunged -6.14% to finish on Friday at $2.75.
First Horizon National Corporation (NYSE:FHN) last session volume of 29.44 million shares was higher than its average volume of 6.39 million shares. The stock after opening at $8.04 hit high price of $8.38 and then closed at $8.09 by scoring -5.38%.
FHN generated revenue of 820.31 million in the following twelve months and earned -$27.33 million. The Company showed a negative -1.09% in the net profit margin and as well as in its operating margin which remained -5.85%. Company’s annual sales growth for the past five year was -18.60%.
The FHN past twelve months price to sales ratio was 12.49 and price to cash ratio remained 6.18. As far as the returns are concern, the FHN return on equity was recorded as -1.19% and decreased -0.06% return on asset.
The stock showed weekly downbeat performance of -8.28% which was maintained for the month at -3.80%. Likewise the positive performance for the quarter was recorded as -10.80% and for the year was -10.31% while the YTD performance remained at +1.38%.
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