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

First Horizon Co. (NYSE:FHN) announced a quarterly dividend on Tuesday, April 23rd, RTT News reports. Investors of record on Friday, June 14th will be given a dividend of 0.15 per share by the financial services provider on Monday, July 1st. This represents a $0.60 annualized dividend and a yield of 4.03%.

First Horizon has a dividend payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Horizon to earn $1.63 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 36.8%.

First Horizon Stock Down 0.2 %

Shares of FHN opened at $14.88 on Wednesday. The stock’s 50-day moving average price is $14.59 and its two-hundred day moving average price is $13.47. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.26 billion, a PE ratio of 10.41, a PEG ratio of 4.10 and a beta of 0.94. First Horizon has a 12 month low of $8.99 and a 12 month high of $18.52.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 EPS. On average, analysts anticipate that First Horizon will post 1.5 EPS for the current year.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their price target on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Evercore ISI increased their price objective on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Finally, UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and increased their price objective for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

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.