First Horizon National Co. (FHN) Plans Quarterly Dividend of $0.12
First Horizon National Co. (NYSE:FHN) announced a quarterly dividend on Tuesday, April 24th, RTT News reports. Investors of record on Friday, June 8th will be paid a dividend of 0.12 per share by the financial services provider on Monday, July 2nd. This represents a $0.48 annualized dividend and a yield of 2.57%.
First Horizon National has increased its dividend by an average of 19.3% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. First Horizon National has a dividend payout ratio of 32.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Horizon National to earn $1.70 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 21.2%.
First Horizon National stock traded down $0.08 during mid-day trading on Tuesday, hitting $18.71. The company’s stock had a trading volume of 5,009,102 shares, compared to its average volume of 3,447,445. The company has a market cap of $6,101.98, a P/E ratio of 15.18, a P/E/G ratio of 1.83 and a beta of 0.99. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. First Horizon National has a 52-week low of $15.84 and a 52-week high of $20.86.
In other news, Director Peter N. Foss sold 30,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $20.32, for a total transaction of $609,600.00. Following the transaction, the director now owns 56,220 shares of the company’s stock, valued at approximately $1,142,390.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael E. Kisber sold 160,000 shares of the stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $20.00, for a total value of $3,200,000.00. Following the transaction, the insider now directly owns 568,904 shares in the company, valued at approximately $11,378,080. The disclosure for this sale can be found here. Insiders have sold a total of 257,096 shares of company stock valued at $5,156,207 over the last ninety days. Company insiders own 1.75% of the company’s stock.
First Horizon National announced that its Board of Directors has initiated a stock repurchase program on Tuesday, January 23rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
FHN has been the subject of several research analyst reports. Barclays increased their price objective on First Horizon National from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Vining Sparks raised First Horizon National to a “buy” rating and set a $25.00 price objective for the company in a research note on Monday, January 8th. Zacks Investment Research raised First Horizon National from a “hold” rating to a “strong-buy” rating and set a $23.00 price target for the company in a research note on Tuesday, January 9th. Hovde Group set a $22.00 price target on First Horizon National and gave the stock a “hold” rating in a research note on Monday, January 22nd. Finally, UBS initiated coverage on First Horizon National in a research note on Thursday, March 22nd. They set a “buy” rating and a $25.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $22.17.
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About First Horizon National
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. It operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. The company offers general banking services for consumers, businesses, financial institutions, and governments.
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