First Horizon Corporation announced that its board of directors authorized a new $1 billion common stock repurchase program, effective as of the close of business on October 29, 2024. This new authorization replaces the prior program, which had approximately $174 million remaining, and is set to expire on January 31, 2026.
The company's Chairman, President, and Chief Executive Officer Bryan Jordan stated that the strong capital position provides the ability to continue growing the balance sheet while returning excess capital to shareholders. Common share repurchases may be executed in the open market or through privately negotiated transactions.
Additionally, the board declared a quarterly cash dividend of $0.15 per share on FHN's common stock, payable on January 2, 2025, to shareholders of record on December 13, 2024. Cash dividends were also declared on the company's Series B, C, E, and F Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock.
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