First Horizon Increases Share Repurchase Authority by $100 Million

First Horizon (FHN) in Memphis, Tenn., is looking to return more capital to shareholders after posting improved earnings earlier this month.

The $26 billion-asset company has increased the size of it share repurchase program by $100 million, while also raising its quarterly dividend to 5 cents a share from a penny.

First Horizon is now authorized to buy back up to $300 million of common stock. First Horizon began the program in October 2011; so far the company has repurchased $175 million of stock. The company also said in a press release Wednesday that the program is set to expire in 2014.

"Returning capital to our shareholders is an important part of our plan to create shareholder value," Bryan Jordan, the company's chairman and chief executive, said in a press release.