First Horizon Corporation (NYSE:FHN) Declares $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 given a dividend of 0.15 per share by the financial services provider on Wednesday, October 1st. This represents a $0.60 dividend on an annualized basis and a yield of 2.69%.

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 1.0%

Shares of NYSE FHN traded down $0.23 during midday trading on Tuesday, hitting $22.29. The stock had a trading volume of 12,885,527 shares, compared to its average volume of 6,225,842. The company's 50-day simple moving average is $20.82 and its 200 day simple moving average is $20.07. The firm has a market cap of $11.31 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.08 and a beta of 0.61. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $23.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

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

Analyst Ratings Changes

Several research analysts have weighed in on the company. Truist Financial lifted their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Wells Fargo & Company lifted their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Royal Bank Of Canada reiterated an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Citigroup lifted their target price on First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and an average target price of $23.28.

Insider Transactions at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 38,010 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the transaction, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

An institutional investor recently raised its position in First Horizon stock. Goldman Sachs Group Inc. grew its position in First Horizon Corporation (NYSE:FHN - Free Report) by 102.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,709,434 shares of the financial services provider's stock after purchasing an additional 865,109 shares during the quarter. Goldman Sachs Group Inc. owned about 0.34% of First Horizon worth $33,197,000 as of its most recent SEC filing. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.

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