First Horizon Co. (FHN) to Issue Quarterly Dividend of $0.15 on July 1st

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 paid 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 4.02%.

First Horizon has a payout ratio of 36.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NYSE FHN opened at $14.93 on Thursday. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.29. The business has a 50 day moving average price of $14.61 and a two-hundred day moving average price of $13.48. 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 firm has a market cap of $8.28 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on FHN. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Wells Fargo & Company raised their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Wedbush reissued an “outperform” rating and issued a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price target on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon declared that its board has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is 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.