First Horizon Corp’s Preferred Stock Offers Solid Yield in Financial Sector

On Monday, First Horizon Corp’s 6.60% Dep Shares Fix/Float Non-Cumulative Preferred Stock Series C (Ticker: FHN.PRC) yielded over 6.5% based on its quarterly dividend, which amounts to $1.65 annually. On this day, shares traded as low as $25.38, positioning them favorably against the average yield of 6.51% in the preferred stock market within the “Financial” category.

At the last close, FHN.PRC demonstrated a 1.96% premium to its liquidation preference price, which contrasts sharply with the average discount of 7.51% noted in the Financial sector. It’s important to remember that these shares are classified as non-cumulative. This means that if a dividend payment is missed, First Horizon does not have an obligation to pay the missed amounts to preferred shareholders before resuming payments to common stockholders.

The chart below illustrates the one-year performance comparison of FHN.PRC shares alongside First Horizon’s common shares (FHN):

Additionally, here is a dividend history chart showcasing the previous dividend payments for First Horizon Corp’s 6.60% Dep Shares Fix/Float Non-Cumulative Preferred Stock Series C:

In today’s trading, First Horizon Corp’s 6.60% Dep Shares Fix/Float Non-Cumulative Preferred Stock Series C (Symbol: FHN.PRC) has increased by approximately 0.8%, while the common shares (Symbol: FHN) have risen about 1.5%.

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The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.