First Horizon Corporation (FHN) to Issue Quarterly Dividend of $0.17 on April 1st

First Horizon Corporation (NYSE:FHN) declared a quarterly dividend on Tuesday, January 27th. Shareholders of record on Friday, March 13th will be given a dividend of 0.17 per share by the financial services provider on Wednesday, April 1st. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, March 13th. This is a 13.3% increase from First Horizon’s previous quarterly dividend of $0.15.

First Horizon has a payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Horizon to earn $1.91 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 31.4%.

First Horizon Price Performance

Shares of NYSE:FHN opened at $24.20 on Thursday. The company’s fifty day moving average is $23.69 and its two-hundred day moving average is $22.58. The company has a market cap of $11.91 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 0.92 and a beta of 0.61. First Horizon has a 12-month low of $15.19 and a 12-month high of $25.21. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter last year, the firm posted $0.43 earnings per share. Equities analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. This represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp bought a new stake in shares of First Horizon during the 3rd quarter worth about $25,000. Navigoe LLC acquired a new stake in First Horizon in the 3rd quarter worth approximately $25,000. Root Financial Partners LLC bought a new stake in First Horizon during the third quarter worth approximately $31,000. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the period. Finally, TD Waterhouse Canada Inc. grew its holdings in First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 900 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

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.