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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 146 146 9,350
MORTGAGES 175 175 12,540
FORECLOSURE NOTICES 0 19 2,545
BUILDING PERMITS 0 73 20,874
BANKRUPTCIES 60 65 8,029
BUSINESS LICENSES 36 36 3,351
UTILITY CONNECTIONS 124 124 11,842
MARRIAGE LICENSES 32 32 2,847

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