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

First Horizon Corporation (NYSE:FHN) declared a quarterly dividend on Tuesday, April 28th. Stockholders 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) annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, June 12th.

First Horizon has a payout ratio of 36.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 1.9%

Shares of FHN stock opened at $24.73 on Wednesday. The firm has a market capitalization of $11.73 billion, a P/E ratio of 12.36, a P/E/G ratio of 0.95 and a beta of 0.60. First Horizon has a twelve month low of $19.03 and a twelve month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $24.06 and its 200 day simple moving average is $23.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS. As a group, sell-side analysts predict that First Horizon will post 2.16 EPS for the current fiscal year.

Institutional Investors Weigh In On First Horizon

Several institutional investors have recently bought and sold shares of FHN. Goldman Sachs Group Inc. increased its holdings in First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. boosted its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 3,835 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after acquiring an additional 26,323 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other 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.