First Horizon National's Preferred Stock, Series A Yield Pushes Past 6.5%

In trading on Friday, 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 $23.70 on the day. This compares to an average yield of 5.64% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FHN.PRA was trading at a 4.20% discount to its liquidation preference amount, versus the average discount of 2.64% 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 dividend payments on First Horizon National Corp's Non-Cumulative Perpetual Preferred Stock, Series A:

FHN.PRA+Dividend+History+Chart

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

If you liked this article you might like

Dominion Energy, U.S. Concrete, AMD: 'Mad Money' Lightning Round

Dominion Energy, U.S. Concrete, AMD: 'Mad Money' Lightning Round

First Horizon National: Cramer's Top Takeaways

First Horizon National: Cramer's Top Takeaways

The Ups and Downs of This Market: Cramer's 'Mad Money' Recap (Wednesday 1/24/18)

The Ups and Downs of This Market: Cramer's 'Mad Money' Recap (Wednesday 1/24/18)

Dealmakers Talk Challenges at Deal Economy Conference

Dealmakers Talk Challenges at Deal Economy Conference

U.S. Economy Is Seeing a Stunning '180-Degree' Turnaround: Top Experts

U.S. Economy Is Seeing a Stunning '180-Degree' Turnaround: Top Experts