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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 92 388 9,204
MORTGAGES 119 513 12,365
FORECLOSURE NOTICES 0 98 2,526
BUILDING PERMITS 0 960 20,801
BANKRUPTCIES 77 338 7,964
BUSINESS LICENSES 14 91 3,315
UTILITY CONNECTIONS 180 695 11,718
MARRIAGE LICENSES 33 147 2,815

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