Brighthouse under water; Bank of America better; Air Lease preferreds dive

By James McCandless

San Antonio, Dec. 1 – Moving into the Tuesday session, the preferred market saw overall gains though top traders diverged.

Moving along the top of secondary volume, insurance name Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferred stock was under water.

Meanwhile, in the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock finished the day slightly better.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock reached higher.

Aircraft leasing services name Air Lease Corp.’s 6.15% series A fixed-to-floating rate non-cumulative perpetual preferred stock dived.

Elsewhere, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds ended on the positive side.

Brighthouse under

Moving along the top of the day’s secondary volume, insurance name Brighthouse’s 5.375% series C non-cumulative perpetual preferred stock was under water.

The preferreds (Nasdaq: BHFAN) were down 5 cents to $25.96 on volume of about 938,000 shares.

On Monday, the preferreds garnered 20 cents.

Bank of America better

Meanwhile, in the finance space, Bank of America’s 4.375% series NN non-cumulative preferred stock finished the day in a slightly better position.

The preferreds (NYSE: BACPrO) picked up 1 cent to close at $25.95 with about 605,000 shares trading.

On Monday, the preferreds lost 18 cents.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock reached higher.

The preferreds (NYSE: COFPrJ) improved by 10 cents to close at $25.29 on volume of about 401,000 shares trading.

Air Lease dives

Aircraft leasing services name Air Lease’s 6.15% series A fixed-to-floating rate non-cumulative perpetual preferred stock dived.

The preferreds (NYSE: ALPrA) dropped 46 cents to close at $25.80 with about 290,000 shares trading.

AGNC positive

Elsewhere, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds ended the afternoon on the positive side.

The preferreds (Nasdaq: AGNCP) moved up 1 cent to close at $22.31 on volume of about 274,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.12%.

The index finished Tuesday down by 0.50%.

The iShares US Preferred Stock ETF was up 8 cents to $37.66.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.