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MEMPHIS, Tenn. – First Horizon Corporation (NYSE:), a prominent regional financial services company, announced that its Board of Directors has approved a significant stock repurchase program. The company has been authorized to repurchase up to $650 million of common stock, reflecting its confidence in its financial stability and commitment to delivering shareholder value.
In addition to the share repurchase, First Horizon announced that it will pay a quarterly dividend of $0.15 per common share on April 1, 2024 to its shareholders of record as of March 15, 2024. Brian Jordan, Chairman, President and CEO of First Horizon, recognizes the company's strong capital base and ability to pursue strategic growth opportunities with an emphasis on safety and soundness. emphasized.
Repurchases of common stock may occur in the open market or through private transactions, depending on market conditions, regulatory considerations and other factors. This authorization expires on January 31, 2025.
In addition, the Board of Directors has issued an agreement for various series of preferred stock with payment dates between April 10, 2024 and May 1, 2024 for shareholders of record between late March and mid-April 2024. declared a cash dividend.
First Horizon had $81.7 billion in assets at the end of 2023 and operates First Horizon Bank, providing a variety of financial services throughout the southern United States. The company is highly regarded within the banking industry for its work environment and reputation.
Investment Pro Insights
First Horizon Corporation (NYSE: FHN)'s recent announcement of a significant share repurchase program and quarterly dividend announcement reflect the company's strong financial position. According to real-time data from InvestingPro, First Horizon has a market capitalization of $7.96 billion, indicating the company's significant presence in the financial sector. In particular, the company is trading at a price-to-earnings ratio (PER) of 9.06 times, and the adjusted P/E ratio for the past 12 months as of Q4 2023 is 7.83 times, indicating that the company's stock price is relatively reasonable. This indicates that there is a possibility that it may be evaluated. income.
InvestingPro Tips highlights that 6 analysts have revised earnings for next quarter upwards, suggesting optimism about the company's financial outlook. Additionally, First Horizon has maintained its dividend for 13 consecutive years, demonstrating its commitment to shareholder returns. The company has also achieved a strong return of 36.31% total price return over the past three months, which may be of interest to investors looking for solid performance in the short term.
For those looking to learn more about First Horizon's financials and future prospects, InvestingPro provides additional expert tips. Currently, subscribers can take advantage of a special New Year sale with up to 50% off on their InvestingPro subscription. Additionally, if you use a coupon code, SFY24 Get an extra 10% off your 2-year InvestingPro+ subscription.or SFY241 Get an extra 10% off your 1-year subscription. InvestingPro's platform provides comprehensive tools and insights, including a fair value estimate of $17.09 for FHN. This suggests a potential undervaluation above the current price.
First Horizon's recent financial decisions focused on strategic growth and shareholder value bode well for future success, as reflected in six additional InvestingPro tips available on the company's platform. There is a possibility that
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