Memphis-based First Horizon National Corp. announced Wednesday a quarterly dividend increase to 5 cents from 1 cent per share of common stock and a $100 million increase in its stock buyback program.
The cash dividend is payable April 1 to common shareholders of record on March 15.
First Horizon (Ticker: FHN) ended trading Wednesday at $10.02, down 7 cents per share.
"Returning capital to our shareholders is an important part of our plan to create shareholder value," Bryan Jordan, First Horizon chairman and CEO, said in a release. "This is a good way to start 2013, by rewarding our shareholders for their investment in us."
The $100 million addition increases the total for the stock buyback program the company initiated in October 2011 to $300 million, and the program has been extended through January 2014.
By the end of 2012, First Horizon, the parent of First Tennessee Bank, had purchased $175 million of common stock through the program, and with the addition, the company has $125 million for future purchases. Under the program First Horizon is repurchasing the company's common stock in the open market, privately negotiated transactions or otherwise, subject to market conditions.
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