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| First Horizon's Preferred Stock, Series B Crosses Above 9% Yield TerritoryBy Preferred Stock Channel Staff, Thursday, May 11, 2:11 PM ET
In trading on Thursday, shares of First Horizon Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B (NYSE:FHN.PRB) were yielding above the 9% mark based on its semi-annual dividend (annualized to $1.6562), with shares changing hands as low as $18.40 on the day. This compares to an average yield of 7.45% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FHN.PRB was trading at a 25.20% discount to its liquidation preference amount, versus the average discount of 15.72% 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.PRB shares, versus FHN:
Below is a dividend history chart for FHN.PRB, showing historical dividend payments on First Horizon Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Thursday trading, First Horizon Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B (NYSE:FHN.PRB) is currently up about 1.3% on the day, while the common shares (NYSE:FHN) are off about 1.8%.
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