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

First Horizon Co. (NYSE:FHN) announced a quarterly dividend on Tuesday, April 23rd, RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 4.03%.

First Horizon has a payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Performance

FHN traded down $0.03 during trading on Tuesday, reaching $14.88. 4,995,406 shares of the company’s stock were exchanged, compared to its average volume of 7,090,520. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.52. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $14.57 and a 200 day moving average price of $13.44. The company has a market capitalization of $8.26 billion, a P/E ratio of 10.43, a PEG ratio of 4.03 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, analysts predict that First Horizon will post 1.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Barclays assumed coverage on shares of First Horizon in a research note on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price on the stock. Wells Fargo & Company lifted their price target on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. lifted their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Finally, Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

First Horizon announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Company Profile

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.