Despite being centered in the relatively economically insulated southeast (specifically Tennessee), First Horizon National Corp (FHN) has been hobbled by weak revenues and past legal costs. In the past, FHN's operation and stock performance have been hurt by any economic weakness to unexpectedly large degree. FHN's net revenues declined by an average of 13% annually between 2008 and 2012, and while the revenue decline for full year 2013 will only likely be around 7%, the bank is still clearly not a top performer. This underperformance is fully reflected in the share price though with shares trading slightly over 1X tangible book value.
Despite this long history of underperformance though, First Horizon seems to finally be...
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