First Horizon Raises $400M with 6.75% Preferred Stock Series H IPO
First Horizon's Series H preferred stock IPO raised $400 million with a non-cumulative 6.75% dividend, boosting regulatory capital with coverage ratios of over 6x. Meanwhile, New Orleans Market President Jimmy Dunn chaired the Shuck Cancer event that surpassed $1 million for the first time, supporting Louisiana Access to Care grants.
1. Preferred Stock Series H IPO
First Horizon issued 6.75% non-cumulative preferred stock Series H, raising $400 million to strengthen its regulatory capital base. The offering boasts dividend coverage ratios exceeding six times common distributions and represents the highest current yield among the company’s fixed-rate preferreds. While attractive in yield, the issue offers limited relative value alpha versus sector peers in a rising-rate environment.
2. Fundraising Milestone at Shuck Cancer New Orleans
Jimmy Dunn, New Orleans Market President, was honored with the 2025 Event of the Year Award after chairing the Shuck Cancer New Orleans fundraiser that surpassed $1 million for the first time. Since 2018 the annual event has raised over $5 million, with proceeds funding the Louisiana Access to Care Grant Program for transportation and lodging assistance. First Horizon’s sponsorship and leadership involvement underscore its community engagement strategy and regional brand profile.