FHN
FHN Reported this morning. Overall outside of the one Loan the quarter was about what I expected. Earnings would of been about .37 (Without that one loan that went bad.) Furthermore the good news is it sounds Like NIMS hit the bottom this quarter and Net interest Income should rise from here, hence I would expect maybe .36-.40 in q4. Which was slightly better than the .35 I expected. I think they will do about $1.60-1.75 Next year, hence A very conservative 10 PE can get us into the upper teens in the next 6-12 months. Asset quality still looks solid, There was both loan and deposit growth in the quarter. Stock still trades at a slight discount to tangible book, they hinted about resuming there stock buyback in 2024 which may reduce share count going foward and add to the outlook. They believe CETI should be longer run in the 9.5-10.5% range and right now it is at 11.2% hence they have excess capital that can either be deployed by making more loans or deploying more to shareholders either via higher dividends or share buybacks being possibly restarted. Now They did say they will take there time with the uncertain environment out there, hence I don't see them hitting 9.5% anytime soon, but I do see either increased laon growth in 2024 or increased returns to shareholders or a combo of both. Time will tell. I like fhn and nothing today has changed my mind on how I feel about FHN. All is just my opinion, and I could always be wrong though.
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