First Horizon To Redeem 6.10% Fixed To Floating Non-cumulative Perpetual Preferred Stock, Series D And Corresponding Series D Depositary Shares
Portfolio Pulse from Benzinga Newsdesk
First Horizon announced the redemption of its 6.10% Fixed to Floating Non-cumulative Perpetual Preferred Stock, Series D, and corresponding Series D Depositary Shares at $25.00 per share. The redemption does not include accrued dividends as the redemption date coincides with a dividend payment date. The regular semi-annual Series D dividend declared in January will be paid on May 1, 2024, to shareholders of record as of April 16, 2024.
April 01, 2024 | 10:48 am
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First Horizon is redeeming its Series D Preferred Stock and corresponding depositary shares, impacting investors holding these specific assets.
The redemption of preferred stock typically signals a company's financial strength and desire to reduce debt or reallocate capital. However, for investors holding these specific assets, the impact is neutral as the redemption price is set and does not include accrued dividends. The continuation of regular dividend payments indicates stability and commitment to shareholder returns.
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