First Horizon's Preferred Stock, Series E Shares Cross 7% Yield Mark
In trading on Thursday, shares of First Horizon Corp's 6.50% Dep Shares Non-Cumulative Prfd Stock, Series E (Symbol: FHN.PRE) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.625), with shares changing hands as low as $23.20 on the day. This compares to an average yield of 6.86% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FHN.PRE was trading at a 6.80% discount to its liquidation preference amount, versus the average discount of 14.01% 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.PRE, showing historical dividend payments on First Horizon Corp's 6.50% Dep Shares Non-Cumulative Prfd Stock, Series E:
In Thursday trading, First Horizon Corp's 6.50% Dep Shares Non-Cumulative Prfd Stock, Series E (Symbol: FHN.PRE) is currently down about 0.3% on the day, while the common shares (Symbol: FHN) are up about 1.2%.
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