First Horizon Corporation reported second-quarter net income of $260 million, up 12% year-over-year, with adjusted earnings per share rising 20% and beating the consensus estimate by a penny. Jim Cramer endorsed the stock as terrific and very inexpensive on his Mad Money show, but the shares now trade at 1.77 times tangible book value, a 10% premium to their 10-year average, suggesting the market has already priced in the strong results. Loans grew roughly $2 billion year-over-year, deposits increased $1.6 billion sequentially, and return on equity climbed above 15%, while aggressive buybacks shrank the share count by nearly 7%. Hedge fund ownership dipped to 54 funds from 57 in the prior quarter, yet institutional support remains robust, and short float fell to 2.73% from 3.50%.
First Horizon CorporationAdjusted EPS up 20%, beat consensus, strong buybacks, and Cramer endorsement.
