First Horizon Issues Series H Preferred Depositary Shares

First Horizon ( (FHN) ) just unveiled an update.

On March 6, 2026, First Horizon Corporation filed Articles of Amendment to its Amended and Restated Charter with the Tennessee Secretary of State, formally establishing the preferences, limitations and relative rights of its Non-Cumulative Perpetual Preferred Stock, Series H, with a $100,000 per share liquidation preference. These terms include restrictions on the company’s ability to declare or pay dividends on, or repurchase, its common stock if dividends on the Series H preferred are not declared and paid or set aside, underscoring the priority of this capital instrument in the firm’s distribution hierarchy.

On March 12, 2026, First Horizon completed the sale of 16,000,000 depositary shares, each representing a 1/4,000th interest in a share of its Series H Preferred Stock, under an underwriting agreement led by a syndicate of major investment banks. By issuing these exchange-listed-style depositary shares under an effective shelf registration, the bank broadened investor access to its preferred equity, reinforcing its regulatory capital base and potentially enhancing financial flexibility for future strategic and lending activities.

The most recent analyst rating on (FHN) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on First Horizon stock, see the FHN Stock Forecast page.

Spark’s Take on FHN Stock

According to Spark, TipRanks’ AI Analyst, FHN is a Outperform.

The score is driven primarily by solid financial performance (steady revenue growth, healthy profitability, and manageable leverage) and a supportive valuation (P/E 12.9 with a 2.45% yield). Offsetting these are mixed technical signals indicating cooled momentum and earnings-call risk items—especially CET1 pressure from buybacks, margin sensitivity, and early asset-quality/concentration watch points.

To see Spark’s full report on FHN stock, click here.

More about First Horizon

First Horizon Corporation operates in the financial services industry as a banking organization that issues various classes of equity, including common and non-cumulative perpetual preferred stock, to support its capital structure and funding needs. The company accesses public capital markets through registered securities offerings, often using depositary share structures to appeal to institutional and income-focused investors within the broader U.S. banking sector.

Average Trading Volume: 6,370,884

Technical Sentiment Signal: Buy

Current Market Cap: $10.92B

For an in-depth examination of FHN stock, go to TipRanks’ Overview page.