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

First Horizon Corporation (NYSE:FHN) announced a quarterly dividend on Tuesday, July 28th. Investors of record on Friday, September 11th will be paid a dividend of 0.17 per share by the financial services provider on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 11th.

First Horizon has a payout ratio of 36.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Horizon to earn $2.34 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 29.1%.

First Horizon Stock Performance

NYSE:FHN traded down $0.33 during midday trading on Wednesday, reaching $25.70. The stock had a trading volume of 159,035 shares, compared to its average volume of 5,448,743. The firm has a fifty day simple moving average of $25.02 and a two-hundred day simple moving average of $24.34. First Horizon has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock has a market cap of $12.20 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same period in the previous year, the company posted $0.45 EPS. On average, equities analysts expect that First Horizon will post 2.15 EPS for the current year.

Wall Street Analysts Forecast Growth

FHN has been the subject of several analyst reports. Raymond James Financial increased their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Barclays dropped their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. JPMorgan Chase & Co. cut their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. DA Davidson reissued a “neutral” rating and issued a $26.00 price target on shares of First Horizon in a report on Thursday, April 16th. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $27.16.

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.