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

Key Points

• First Horizon declared a quarterly dividend of $0.17 per share (annualized $0.68) with an ex-dividend and record date of June 12 and payment on July 1, implying a yield of about 2.8%.
• The dividend appears well covered: the current payout ratio is 36.4%, and analysts expect next-year EPS of $2.36, which would lower the expected payout ratio to about 28.8%.
• First Horizon beat Q1 EPS estimates ($0.53 vs. $0.49), reported 6.2% revenue growth year-over-year, and carries a consensus analyst rating of Hold with a $26.45 average price target.

First Horizon Corporation (NYSE:FHN - Get Free Report) announced a quarterly dividend on Tuesday, April 28th. Shareholders of record on Friday, June 12th will be paid a dividend of 0.17 per share by the financial services provider on Wednesday, July 1st. This represents a c) dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, June 12th.

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 $2.36 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 28.8%.

First Horizon Trading Down 0.7%

NYSE FHN opened at $24.48 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 52 week low of $17.57 and a 52 week high of $26.56. The business has a 50 day moving average price of $23.48 and a 200-day moving average price of $23.27. The company has a market cap of $11.69 billion, a price-to-earnings ratio of 12.25, a P/E/G ratio of 0.96 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon's revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. As a group, equities analysts expect that First Horizon will post 2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on FHN shares. Barclays dropped their price target on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Stephens increased their price objective on First Horizon from $28.00 to $29.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. TD Cowen raised their target price on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a report on Friday, January 16th. Weiss Ratings raised First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods upped their price target on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of "Hold" and a consensus price target of $26.45.

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.

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