What’s Going on With First Horizon National?
What’s an investor to do with regional banks?
That’s the question Jim Cramer contemplated during Monday’s “Mad Money.” On the one hand, Cramer noted that the U.S. housing market is rebounding, which he considers good news for the banks. There are also a lot of worries, he said, such as the sluggish U.S. economy and the interest rate environment.
(RELATED: Cramer’s Plays on a Housing Rebound)
To illustrate his point, Cramer pointed to First Horizon National. The Tennessee-based regional bank has about 200 branches, which are mostly located throughout the southeastern region of the United States. Last Friday, First Horizon reported earnings that indicated operating earnings missed Wall Street’s consensus estimate. First Horizon also reported lower capital market fee income and slow loan growth. It also delivered an interest margin increase and improved credit quality — two bullish indicators.
To Cramer, First Horizon might have some promising signs, but it also struggles with some “very real issues.’ To learn more about what’s going on, he welcomed CEO Bryan Jordan onto Monday’s program. Watch the video to see the full interview.
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