First Horizon Corporation Approves $650 Million Stock Repurchase Program
First Horizon Corporation, a prominent regional financial services company, has announced the approval of a significant stock repurchase program. This move reflects the company’s confidence in its financial stability and commitment to delivering shareholder value. The board of directors has authorized the repurchase of up to $650 million of its common stock, which can occur through open market or privately negotiated transactions, subject to market conditions and regulatory considerations. The authorization is set to expire on January 31, 2025.
Quarterly Dividend Declaration Reinforces First Horizon’s Commitment to Shareholder Returns
First Horizon Corporation has declared a quarterly dividend of $0.15 per share on its common stock. The dividend is payable on April 1, 2024, to shareholders of record as of March 15, 2024. This announcement further emphasizes the company’s commitment to delivering value to its shareholders. Bryan Jordan, Chairman, President, and CEO of First Horizon, highlighted the company’s robust capital position and its ability to pursue strategic growth opportunities while maintaining a focus on safety and soundness.
Financial Stability and Positive Outlook Drive First Horizon’s Stock Performance
First Horizon Corporation’s solid financial footing is reflected in its recent stock repurchase program and dividend declaration. With a market capitalization of $7.96 billion, the company holds a substantial presence in the financial sector. The stock is trading at a price-to-earnings (P/E) ratio of 9.06, indicating reasonable valuation relative to earnings. Six analysts have revised their earnings forecast upwards, signaling optimism about the company’s financial prospects. First Horizon has also maintained dividend payments for 13 consecutive years, demonstrating its commitment to shareholder returns.
First Horizon’s Potential Undervaluation and Strong Short-Term Performance
Investors looking for potential undervalued stocks may find First Horizon appealing. InvestingPro’s fair value estimate for the company is $17.09, exceeding the current price and suggesting undervaluation. Moreover, the stock has experienced a strong return over the last three months, with a price total return of 36.31%. This performance may attract investors seeking robust short-term gains.
Analyst comment
Positive news:
– First Horizon Corporation approves $650 million stock repurchase program, reflecting confidence in financial stability and commitment to shareholder value.
– Quarterly dividend declaration reinforces commitment to delivering value to shareholders.
– Financial stability and positive outlook drives stock performance.
– Potential undervaluation and strong short-term performance may attract investors.
Analyst viewpoint: With First Horizon Corporation’s strong financial position, commitment to shareholder value, and potential undervaluation, the market can expect the company to continue its growth trajectory, attracting investors looking for short-term gains and long-term success. InvestingPro’s expert tips and insights can assist investors in evaluating the company’s financials and potential for growth.
