First Horizon (NYSE:FHN) Approves Stock Buyback Plan

First Horizon (NYSE:FHN) declared that its board has approved a share repurchase program on Tuesday, October 29th, RTT News reports. The company plans to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on FHN. JPMorgan Chase & Co. cut their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a report on Thursday, July 18th. Stephens boosted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $17.92.

First Horizon Trading Up 1.5 %

FHN opened at $17.56 on Thursday. The stock has a market capitalization of $9.60 billion, a PE ratio of 12.28, a P/E/G ratio of 1.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. First Horizon has a 12-month low of $10.55 and a 12-month high of $17.93. The firm’s fifty day moving average price is $16.16 and its 200 day moving average price is $15.73.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the firm earned $0.27 earnings per share. As a group, research analysts expect that First Horizon will post 1.48 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.42%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.