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

First Horizon Co. (NYSE:FHN) announced a quarterly dividend on Tuesday, January 28th,RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 0.15 per share by the financial services provider on Tuesday, April 1st. This represents a $0.60 dividend on an annualized basis and a yield of 2.82%.

First Horizon has a dividend 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 Price Performance

NYSE FHN opened at $21.30 on Wednesday. The stock has a market capitalization of $11.29 billion, a P/E ratio of 15.66, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The business’s fifty day moving average is $20.57 and its two-hundred day moving average is $17.98. First Horizon has a 1 year low of $13.45 and a 1 year high of $21.82.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm earned $0.32 EPS. On average, research analysts forecast that First Horizon will post 1.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research report on Thursday, October 17th. Barclays lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon announced that its board has approved a share repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the firm’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 transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $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.

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.