First Horizon National Corp (NYSE:FHN) announced a quarterly dividend on Tuesday, October 23rd, RTT News reports. Stockholders of record on Friday, December 14th will be paid a dividend of 0.12 per share by the financial services provider on Wednesday, January 2nd. This represents a $0.48 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, December 13th.
First Horizon National has increased its dividend by an average of 19.3% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. First Horizon National has a payout ratio of 33.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Horizon National to earn $1.55 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 31.0%.
Shares of FHN opened at $15.12 on Friday. First Horizon National has a fifty-two week low of $14.90 and a fifty-two week high of $20.86. The company has a market capitalization of $4.99 billion, a PE ratio of 11.33, a price-to-earnings-growth ratio of 1.04 and a beta of 0.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.94 and a quick ratio of 0.92.
In related news, insider David T. Popwell purchased 15,750 shares of the business’s stock in a transaction on Wednesday, October 17th. The shares were acquired at an average price of $15.88 per share, for a total transaction of $250,110.00. Following the purchase, the insider now owns 283,692 shares of the company’s stock, valued at approximately $4,505,028.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott M. Niswonger purchased 50,000 shares of the business’s stock in a transaction on Friday, October 19th. The shares were bought at an average price of $15.76 per share, for a total transaction of $788,000.00. Following the purchase, the director now directly owns 640,951 shares in the company, valued at approximately $10,101,387.76. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 68,750 shares of company stock valued at $1,086,980. 1.75% of the stock is currently owned by company insiders.
Several research analysts recently commented on the stock. Wells Fargo & Co set a $20.00 price objective on shares of First Horizon National and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. ValuEngine lowered shares of First Horizon National from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Deutsche Bank upgraded shares of First Horizon National from a “hold” rating to a “buy” rating and set a $20.50 price objective for the company in a research note on Monday, November 12th. Finally, Zacks Investment Research upgraded shares of First Horizon National from a “strong sell” rating to a “hold” rating in a research note on Friday, September 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.80.
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About First Horizon National
First Horizon National Corporation operates as the bank holding company for First Tennessee Bank National Association that provides various financial services. It operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. The company offers general banking services for consumers, businesses, financial institutions, and governments.
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