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

First Horizon Co. (NYSE:FHN) declared a quarterly dividend on Tuesday, October 29th, RTT News reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.15 per share by the financial services provider on Thursday, January 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 3.38%.

First Horizon has a payout ratio of 38.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Horizon to earn $1.55 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 38.7%.

First Horizon Stock Up 2.6 %

Shares of FHN traded up $0.45 during midday trading on Wednesday, hitting $17.74. The company had a trading volume of 595,169 shares, compared to its average volume of 6,546,635. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.30 and a beta of 0.88. The company’s 50 day moving average price is $16.13 and its 200 day moving average price is $15.71. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. First Horizon has a 52 week low of $10.55 and a 52 week high of $17.84.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company earned $0.27 earnings per share. On average, equities research analysts predict that First Horizon will post 1.48 EPS for the current year.

Analyst Upgrades and Downgrades

FHN has been the topic of several research analyst reports. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Barclays raised their price target on shares of First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Royal Bank of Canada raised their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.77.

First Horizon announced that its Board of Directors has authorized a share buyback plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management 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.