First Horizon Co. (NYSE:FHN – Get Rating) announced a quarterly dividend on Tuesday, January 24th, RTT News reports. Shareholders of record on Friday, March 17th will be paid a dividend of 0.15 per share by the financial services provider on Monday, April 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.44%.
First Horizon has increased its dividend payment by an average of 2.3% per year over the last three years. First Horizon has a payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Horizon to earn $2.00 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 30.0%.
First Horizon Stock Down 0.2 %
First Horizon stock opened at $24.59 on Wednesday. First Horizon has a fifty-two week low of $16.72 and a fifty-two week high of $24.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $13.20 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 2.62 and a beta of 0.93. The firm has a fifty day moving average price of $24.55 and a two-hundred day moving average price of $23.66.
Analyst Upgrades and Downgrades
Separately, StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, January 18th. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.25.
Insider Transactions at First Horizon
In other First Horizon news, COO Tammy Locascio sold 36,228 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $24.34, for a total transaction of $881,789.52. Following the completion of the sale, the chief operating officer now owns 169,290 shares of the company’s stock, valued at approximately $4,120,518.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider David T. Popwell sold 139,637 shares of the company’s stock in a transaction dated Wednesday, November 30th. The shares were sold at an average price of $24.75, for a total value of $3,456,015.75. Following the transaction, the insider now directly owns 527,091 shares in the company, valued at $13,045,502.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Tammy Locascio sold 36,228 shares of First Horizon stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $24.34, for a total transaction of $881,789.52. Following the completion of the sale, the chief operating officer now owns 169,290 shares of the company’s stock, valued at approximately $4,120,518.60. The disclosure for this sale can be found here. Company insiders own 1.55% of the company’s stock.
Hedge Funds Weigh In On First Horizon
Several hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in First Horizon during the third quarter worth about $39,000. CENTRAL TRUST Co raised its position in First Horizon by 141.7% in the third quarter. CENTRAL TRUST Co now owns 2,610 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 1,530 shares during the last quarter. Ancora Advisors LLC boosted its stake in shares of First Horizon by 115.5% during the first quarter. Ancora Advisors LLC now owns 3,526 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 1,890 shares in the last quarter. Glenmede Trust Co. NA bought a new stake in shares of First Horizon during the third quarter worth about $145,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 52.3% in the first quarter. Covestor Ltd now owns 7,368 shares of the financial services provider’s stock valued at $173,000 after buying an additional 2,531 shares during the period. 77.41% of the stock is owned by institutional investors.
About First Horizon
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
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