First Horizon National's Preferred Stock, Series A Yield Pushes Past 6%
In trading on Monday, shares of First Horizon National Corp’s Non-Cumulative Perpetual Preferred Stock, Series A (Symbol: FHN.PRA) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.55), with shares changing hands as low as $25.74 on the day. This compares to an average yield of 5.46% in the “Financial” preferred stock category, according to Preferred Stock Channel . As of last close, FHN.PRA was trading at a 3.64% premium to its liquidation preference amount, versus the average premium of 3.62% in the “Financial” category. Investors should keep in mind that the shares are not cumulative , meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
Below is a dividend history chart for FHN.PRA, showing historical dividend payments on First Horizon National Corp’s Non-Cumulative Perpetual Preferred Stock, Series A: In Monday trading, First Horizon National Corp’s Non-Cumulative Perpetual Preferred Stock, Series A (Symbol: FHN.PRA) is currently down about 0.3% on the day, while the common shares (Symbol: FHN) are off about 0.9%.
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