On Wednesday, First Horizon Corporation (NYSE: FHN) showed a significant 6.18% surge on US stock charts, concluding the trading day with a closing value of $15.12. First Horizon (FHN) shares had a spike in value due to research company USB’s increased rating, which changed from “Neutral” to “Buy.” In parallel, USB boosted its target price for FHN shares from $15.50 to $16, reflecting a strong outlook for the company’s future development.
The news of First Horizon’s board of directors had approved a share repurchase program, allowing for the acquisition of up to $650 million worth of the company’s common shares, added to the upward trend. Offering options to take advantage of strategic development opportunities is one way that First Horizon aims to increase financial flexibility while maintaining its commitment to safety, soundness, and paying shareholders back.
The board’s decision to establish a quarterly dividend of $0.15 per share on common stock, which is scheduled to be paid on April 1, 2024, to shareholders registered as of March 15, 2024, demonstrates First Horizon’s dedication to giving its investors their money back. In addition to the buyback scheme, there is this announcement.
With a deadline set for January 31, 2025, the authority to repurchase common shares provides First Horizon with opportunities to engage in open market transactions or private discussions, fostering the company’s ability to adapt to evolving market conditions and generate shareholder profits.
Additionally, the business declared cash dividends on a range of preferred stocks, such as Series C, D, E, and F, giving investors the chance to anticipate semi-annual and quarterly payouts and bolstering First Horizon’s overall financial stability.
In an effort to increase shareholder value, First Horizon Bank has announced a quarterly cash distribution of $16.27219 per share for its Class A Non-Cumulative Perpetual Preferred Stock. This dividend illustrates First Horizon’s commitment to giving returns to its shareholders; it is payable on April 10, 2024 to shareholders who were registered as of March 26, 2024.
