Cash Dividend On The Way From First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A

On 3/24/14, First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A (FHN.PRA) will trade ex-dividend, for its quarterly dividend of $0.3875, payable on 4/10/14. As a percentage of FHN.PRA's recent share price of $23.68, this dividend works out to approximately 1.64%, so look for shares of FHN.PRA to trade 1.64% lower — all else being equal — when FHN.PRA shares open for trading on 3/24/14. On an annualized basis, the current yield is approximately 6.55%, which compares to an average yield of 5.64% in the "Financial" preferred stock category, according to Preferred Stock Channel.

START SLIDESHOW:
Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen »

As of last close, FHN.PRA was trading at a 5.20% discount to its liquidation preference amount. 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:

FHN.PRA+Dividend+History+Chart

According to the ETF Finder at ETF Channel, First Horizon National Corp ( FHN) makes up 2.07% of the PowerShares KBW Regional Bank Portfolio ETF (KBWR) which is trading up by about 1.4% on the day Thursday.

In Thursday trading, First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A ( FHN.PRA) is currently off about 0.1% on the day, while the common shares ( FHN) are up about 2.1%.

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says