Jim Cramer - Mad Money
First Horizon National Corporation
FHN-N
COMMENT
Jan 22, 2021
A Tennessee bank he likes. They reported a clean top and bottom beat today and rallied 1.5%. They had a rough 2020, but has come back lately. Well-run.
It merged with a Louisiana bank and rallied, peaking in early June. But since then all the financials have been hammered due to falling interest rates and Delta variant cases. They rported last Friday and the headline numbers were strong, but the banks face a challenging envirnoment.
Have an investor day on Tuesday. They got a raw deal when TD back out of their takeover deal. A strong buy and would buy it ahead of Tuesday. He says this not caring about regional banks.
They had nothing to do with the end of the TD takeover; regulators did. This morning they reported a so-so quarter with a modest revenue miss and small earnings due to better expense controls. It's still doing well.
They reported earlier this week a strong quarter. Credit charges were lower than expected, they attracted $6 billion in new deposits in mid-2023, and 5% loan growth last year.
A steady operator with shares up 16% this year but reported a miss today and cut guidance due to increased competition in the south where they operator. Shares were down nearly 6% today.