First Horizon enters definitive resolution agreement with Freddie Mac First Horizon National (FHN) announced last night that it has entered into a definitive resolution agreement with the Federal Home Loan Mortgage Corp. (FMCC) regarding the loan repurchase process. The agreement with Freddie Mac follows an agreement with Fannie Mae that First Horizon entered into in Q4. First Horizon said the developments, along with other adjustments, will cause it to change its previously-reported consolidated net income available to common shareholders for the year ended December 31, 2013 by an insignificant amount. Specifically, First Horizon will report $23.8M, or 10c per common share.
First Horizon upgraded to Market Perform from Underperform at Wells Fargo Wells Fargo upgraded First Horizon to Market Perform citing reduced earnings risk from litigation and the bank's better than expected cost discipline. Wells raised its price target range for shares to $15-$16 from $11-$12.