It has been quite a while since I've written about First Horizon (NYSE:FHN), but this Tennessee-based regional bank continues to operate under a cloud. The market remains concerned about the impact of the company running off its non-strategic loan book and its as-of-yet-unresolved mortgage repurchase liabilities. With that, the shares have nearly doubled since late 2011, but still significantly lagged regional peers/comps like Regions (NYSE:RF) and SunTrust (NYSE:STI).
There aren't a lot of clear bargains left in the banking sector, but I believe First Horizon could be an outperformer as it continues to clean up its business. Not only does First Horizon have additional cost-cutting leverage, but the bank's trading operations and core lending...
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