Bank of America preferreds negative; PS Business declines; AGNC rises

By James McCandless

San Antonio, Oct. 28 – The preferred space sustained a negative trend on Monday that originated from early activity.

At the top of volume, Bank of America Corp.’s 5% series LL non-cumulative preferred stock closed negative.

Elsewhere in finance, Citizens Financial Group, Inc.’s recent 5% series E fixed-rate non-cumulative perpetual preferred stock dipped.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the day’s trend.

Meanwhile, REIT PS Business Parks, Inc.’s new 4.875% series Z cumulative preferred stock declined.

AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock rose, going against the grain.

Bank of America loses

At the top of volume for the day, Bank of America’s 5% series LL non-cumulative preferred stock closed negative.

The preferreds (NYSE: BACPrN) were down 8 cents to close at $25.98 on volume of about 611,000 shares.

Elsewhere in the finance space, Citizens Financial’s recent 5% series E fixed-rate non-cumulative perpetual preferred stock dipped throughout the session.

The preferreds, trading under the temporary symbol “CFGZL,” dropped 6 cents to close at $25.09 with about 546,000 shares trading.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the day’s downward push.

The preferreds (NYSE: COFPrI) shaved off 12 cents to close at $25.23 on volume of about 465,000 shares.

On Friday, the preferreds gained 7 cents.

PS Business off

Meanwhile, real estate investment trust PS Business Parks’ new 4.875% series Z cumulative preferred stock spent the session declining.

The preferreds, trading under the temporary symbol “PSPBZ,” fell 11 cents to close at $25.03 with about 373,000 shares trading.

On their first day of trading on Friday, the preferreds landed at $25.18.

AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was on the rise, going against the grain.

The preferreds (Nasdaq: AGNCO) picked up 2 cents to close at $25.42 on volume of about 323,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day down by 0.09%, adding to the 0.07% loss from early Monday trading.

The iShares US Preferred Stock ETF was down 11 cents to $37.54.

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