First Horizon Corporation (NYSE:FHN) to Issue $0.15 Quarterly Dividend

Key Points

• First Horizon Corporation has declared a quarterly dividend of $0.15 per share, set to be paid on October 1st, yielding an annualized rate of 2.69% based on the current stock price.
• The company reported earnings of $0.45 per share for its last quarter, exceeding analysts' expectations, and it has a dividend payout ratio of 32.1%, indicating strong earnings coverage for its dividend.
• Analysts have recently increased their target prices for First Horizon, with upgrades to ratings suggesting a positive outlook, while 80.28% of the company's stock is held by institutional investors.

First Horizon Corporation (NYSE:FHN - Get Free Report) announced a quarterly dividend on Tuesday, July 29th, RTT News reports. Investors of record on Friday, September 12th will be paid a dividend of 0.15 per share by the financial services provider on Wednesday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 12th.

First Horizon has a dividend payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Down 2.2%

NYSE FHN traded down $0.49 on Friday, reaching $21.32. The company had a trading volume of 11,663,920 shares, compared to its average volume of 8,369,279. 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 has a 52 week low of $14.34 and a 52 week high of $23.00. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.03 and a beta of 0.65. The stock's 50 day moving average is $20.99 and its 200-day moving average is $20.11.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period last year, the company posted $0.36 EPS. Equities analysts predict that First Horizon will post 1.67 earnings per share for the current year.

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.