First Horizon Co. Declares Quarterly Dividend of $0.15 (NYSE:FHN)

First Horizon Co. (NYSE:FHN - Get Free Report) declared a quarterly dividend on Tuesday, January 28th,RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.15 per share by the financial services provider on Tuesday, April 1st. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, March 14th.

First Horizon has a payout ratio of 31.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Horizon to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 32.6%.

First Horizon Stock Performance

NYSE FHN traded down $0.04 on Friday, hitting $21.90. The stock had a trading volume of 3,748,374 shares, compared to its average volume of 5,961,121. The company's 50-day moving average is $20.64 and its two-hundred day moving average is $18.03. The stock has a market cap of $11.61 billion, a price-to-earnings ratio of 16.11, a P/E/G ratio of 1.22 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon has a one year low of $13.45 and a one year high of $22.11.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the company posted $0.32 EPS. On average, analysts expect that First Horizon will post 1.63 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FHN. Keefe, Bruyette & Woods raised their target price on First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research note on Thursday, December 19th. Stephens restated an "overweight" rating and set a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 target price on the stock. Raymond James raised their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Finally, Evercore ISI increased their price objective on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.04.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,954 shares of company stock valued at $4,519,333. 0.87% of the stock is owned by corporate insiders.

First Horizon declared that its board has approved a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.