First Horizon Co. (NYSE:FHN) Plans $0.15 Quarterly Dividend

First Horizon Co. (NYSE:FHN) announced a quarterly dividend on Tuesday, April 29th, RTT News reports. Investors of record on Friday, June 13th will be paid a dividend of 0.15 per share by the financial services provider on Tuesday, July 1st. This represents a $0.60 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, June 13th.

First Horizon has a dividend payout ratio of 32.1% indicating that 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 Trading Up 0.2%

Shares of FHN opened at $20.30 on Wednesday. The company’s fifty day moving average is $18.71 and its 200 day moving average is $19.88. First Horizon has a fifty-two week low of $14.09 and a fifty-two week high of $22.44. The stock has a market capitalization of $10.29 billion, a PE ratio of 14.92, a P/E/G ratio of 1.19 and a beta of 0.61. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million for the quarter, compared to analysts’ expectations of $825.11 million. During the same quarter in the previous year, the business posted $0.35 earnings per share. Sell-side analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FHN. Citigroup boosted their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Robert W. Baird upgraded shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research report on Monday, April 7th. Truist Financial assumed coverage on shares of First Horizon in a research report on Tuesday, May 13th. They set a “hold” rating and a $21.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday. Finally, Bank of America boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.53.

Institutional Trading of First Horizon

A hedge fund recently raised its stake in First Horizon stock. Geneos Wealth Management Inc. increased its holdings in First Horizon Co. (NYSE:FHN) by 156.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,794 shares of the financial services provider’s stock after acquiring an additional 1,095 shares during the quarter. Geneos Wealth Management Inc.’s holdings in First Horizon were worth $35,000 as of its most recent SEC filing. 80.28% of the stock is currently owned by 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.