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Bank of America preferreds decline; NiSource’s recent issue slides; DCP Midstream falls
By James McCandless
San Antonio, Dec. 3 – The preferred space started the new week with mixed trading and moderate volume.
Leading the secondary, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.
The preferreds (NYSE: BACPrK) were down 5 cents to close at $24.20 on volume of about 460,000 shares.
Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were higher.
The preferreds (NYSE: JPMPrD) picked up 3 cents to close at $24.76 on volume of about 359,000 shares.
Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock also traded lower.
The preferreds (NYSE: GSPrD) lost 34 cents to close at $19.06 with about 382,000 shares trading.
Utilities name NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock fell further.
The preferreds, trading under the temporary symbol “NISOP,” were down 10 cents to close at $24.75 with about 450,000 shares trading.
Meanwhile, energy name DCP Midstream, LP’s 7.875% series B fixed-to-floating rate cumulative preferreds were lower.
The preferreds (NYSE: DCPPrB) fell 4 cents to close at $22.56 on volume of about 250,000 shares.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.11% at the end of Monday’s session.
The iShares US Preferred Stock ETF was up 15 cents to $35.02.
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