In trading on Thursday, shares of First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A (FHN.PRA) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.55), with shares changing hands as low as $23.77 on the day. This compares to an average yield of 5.68% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FHN.PRA was trading at a 3.60% discount to its liquidation preference amount, versus the average premium of 0.48% 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:
First Horizon National's Preferred Stock, Series A Crosses Above 6.5% Yield Territory
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