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FHN 15.03
https://finance.yahoo.com/news/first-horizon-announces-650-million-225400264.html
First Horizon Announces $650 Million Share Repurchase Program, Declares Cash Dividends on Common and Preferred Stock
PR Newswire
Tue, Jan 23, 2024, 4:54 PM CST4 min read

In This Article:
FHN
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FHN-PF
+1.69%
MEMPHIS, Tenn., Jan. 23, 2024 /PRNewswire/ --- First Horizon Corporation (NYSE: FHN or the "Company") today announced that its board of directors has authorized the Company to repurchase up to $650 million of the Company's common stock.

(PRNewsfoto/First Horizon Corporation)
(PRNewsfoto/First Horizon Corporation)
Additionally, the board of directors declared a quarterly common stock dividend of $0.15 per share. The dividend is payable on April 1, 2024 to shareholders of record at the close of business on March 15, 2024.


"Our strong capital provides for more optionality to capitalize on strategic growth opportunities while continuing to operate in the context of safety and soundness and return capital to our shareholders," said Chairman, President and Chief Executive Officer Bryan Jordan.

FHN common share repurchases may be executed in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of common share repurchases will be subject to various factors including the Company's capital position, financial performance, capital impacts of strategic initiatives, market conditions and regulatory considerations. This authorization will expire on January 31, 2025.

Preferred Dividend Information

Cash dividends were also declared on the Company's Series C, Series D, Series E and Series F Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:

FHN Series C

Quarterly cash dividend of $165.00 per share on FHN's 6.60% Fixed to Floating Non-Cumulative Perpetual Preferred Stock, Series C ("Series C Preferred Stock"). This equates to a cash dividend of $0.4125 per Depositary Share (NYSE: FHN PRC), which each represent a 1/400th interest in a share of the Series C Preferred Stock. The dividend is payable on May 1, 2024 to shareholders of record at the close of business on April 16, 2024.

FHN Series D

Semi-annual cash dividend of $305.00 per share on FHN's 6.10% Fixed to Floating Non-Cumulative Perpetual Preferred Stock, Series D ("Series D Preferred Stock"). This equates to a cash dividend of $0.7625 per Depositary Share (NYSE: FHN PRD), which each represent a 1/400th interest in a share of the Series D Preferred Stock. The dividend is payable on May 1, 2024 to shareholders of record at the close of business on April 16, 2024.

FHN Series E

Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% Non-Cumulative Perpetual Preferred Stock, Series E ("Series E Preferred Stock"). This equates to a cash dividend of $0.40625 per Depositary Share (NYSE: FHN PRE), which each represent a 1/4,000th interest in a share of the Series E Preferred Stock. The dividend is payable on April 10, 2024 to shareholders of record at the close of business on March 26, 2024.