First Horizon Corporation (NYSE:FHN) Declares $0.17 Quarterly Dividend

First Horizon Corporation (NYSE:FHN) announced a quarterly dividend on Tuesday, July 28th. Shareholders of record on Friday, September 11th will be paid a dividend of 0.17 per share by the financial services provider on Thursday, October 1st. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, September 11th.

First Horizon has a dividend payout ratio of 36.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Horizon to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 29.1%.

First Horizon Stock Performance

FHN stock traded down $0.38 during midday trading on Wednesday, hitting $25.64. 75,161 shares of the company traded hands, compared to its average volume of 5,448,181. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The business has a 50 day simple moving average of $25.02 and a 200-day simple moving average of $24.34.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, equities research analysts predict that First Horizon will post 2.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FHN. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Evercore set a $27.00 target price on shares of First Horizon in a research note on Monday, July 6th. DA Davidson reissued a “neutral” rating and issued a $26.00 price target on shares of First Horizon in a report on Thursday, April 16th. Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.16.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.