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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 87 87 14,804
MORTGAGES 80 80 19,410
FORECLOSURE NOTICES 22 22 3,817
BUILDING PERMITS 142 142 35,472
BANKRUPTCIES 62 62 14,096
BUSINESS LICENSES 62 62 5,053
UTILITY CONNECTIONS 99 99 21,532
MARRIAGE LICENSES 37 37 4,594

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