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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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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