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

First Horizon Co. (NYSE:FHN) declared a quarterly dividend on Tuesday, April 23rd, RTT News reports. Investors of record on Friday, June 14th will be paid 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 dividend yield of 4.03%.

First Horizon has a dividend payout ratio of 36.6% meaning 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 Down 0.2 %

Shares of First Horizon stock traded down $0.03 during trading on Tuesday, hitting $14.88. The company’s stock had a trading volume of 4,995,406 shares, compared to its average volume of 7,090,520. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The company has a fifty day simple moving average of $14.57 and a two-hundred day simple moving average of $13.44. The company has a market capitalization of $8.26 billion, a PE ratio of 10.43, a P/E/G ratio of 4.03 and a beta of 0.94. First Horizon has a 52 week low of $8.99 and a 52 week high of $18.52.

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

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

Wall Street Analyst Weigh In

FHN has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. Wells Fargo & Company boosted their target price on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and boosted their target price for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, Raymond James raised shares of First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $13.00 to $17.00 in a research note on Friday, January 5th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price 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.