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First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A Ex-Dividend Reminder

By Preferred Stock Channel Staff, Monday, March 20, 1:33 PM ET
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On 3/22/17, First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A (NYSE:FHN.PRA) will trade ex-dividend, for its quarterly dividend of $0.3875, payable on 4/10/17. As a percentage of FHN.PRA's recent share price of $25.30, this dividend works out to approximately 1.53%, so look for shares of FHN.PRA to trade 1.53% lower all else being equal when FHN.PRA shares open for trading on 3/22/17. On an annualized basis, the current yield is approximately 6.15%, which compares to an average yield of 5.65% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, FHN.PRA was trading at a 0.96% premium to its liquidation preference amount, versus the average premium of 4.54% 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. The chart below shows the one year performance of FHN.PRA shares, versus FHN:

Performance Comparison Chart

Below is a dividend history chart for FHN.PRA, showing historical dividends prior to the most recent $0.3875 on First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A:


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According to the ETF Finder at ETF Channel, First Horizon National Corp (NYSE:FHN) makes up 1.85% of the PowerShares KBW Regional Banking Portfolio ETF (KBWR) which is trading lower by about 0.8% on the day Monday.

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In Monday trading, First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A (NYSE:FHN.PRA) is currently trading flat on the day, while the common shares (NYSE:FHN) are down about 0.5%.


This Article's Word Cloud:   Channel   Corp   Cumulative   Financial   First   Horizon   Investors   KBWR   Monday   NYSE   National   Perpetual   Preferred   Series   Seven   Special   Stock   about   afterLeftLabels   approximately   average   category   chart   chartBackgroundColor   clientId   common   dividend   dividends   escape   fillColor   history   keep   lower   makes   missed   movingAverages   other   percentage   period   preferred   premium   recent   shares   that   trade   trading   versus   what   which   yield

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