Last Call: First Horizon stock rises on capital raise

NEW YORK—Shares of First Horizon National Corp. climbed Monday after the regional bank said it will raise $600 million through a stock offering, and changed its cash dividend to common stock.

The Memphis, Tenn.-based bank's stock gained 24 cents, or 2.2 percent, to $10.99 shortly before the closing bell.

Friedman Billings Ramsey analyst Paul Miller Jr. upgraded the stock to "Market Perform" from "Underperform," saying the offering will support the stock.

Miller said he thinks market conditions will limit the stock's room to rise, but because of the capital raised by the stock offering, First Horizon shares have little downside. He kept a price target of $10 per share.