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VOL. 128 | NO. 16 | Thursday, January 24, 2013

First Horizon Raises Dividend and Stock Buyback

By Andy Meek

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This is a good way to start 2013, First Horizon National Corp. chairman and CEO Bryan Jordan said about news the Memphis-based company released Wednesday afternoon:

First Horizon, the parent of First Tennessee Bank, is bumping up its quarterly dividend from a penny to now 5 cents.

The company also has implemented a $100 million increase to its stock buyback program.

First Horizon’s stock finished the day down a little less than 1 percent. Stock buybacks can be viewed as a shareholder friendly move, since by taking stock off the market by buying it back, it theoretically makes existing shares more valuable.

And with the economy the way it is now, dividend stocks – and stocks with dividends that are growing - are enticing to investors.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 55 55 13,385
MORTGAGES 73 73 17,422
FORECLOSURE NOTICES 32 32 3,423
BUILDING PERMITS 623 623 31,553
BANKRUPTCIES 66 66 12,761
BUSINESS LICENSES 11 11 4,608
UTILITY CONNECTIONS 153 153 19,610
MARRIAGE LICENSES 44 44 4,104

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