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Bank of America’s preferreds lower; Hartford Financial higher; Energy Transfer gains
By James McCandless
San Antonio, Nov. 6 – Tuesday’s preferred stock session ended with moderate trading volume and a positive trend.
Bank of America’s 5.875% series HH non-cumulative preferred stock was lower amid active secondary trading.
The preferreds (NYSE: BACPrK) were down 3 cents to close at $24.78 on volume of about 306,000 shares.
Elsewhere in the financial space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) was up 2 cents to close at $24.79 with about 228,000 shares trading, and Capital One Financial Corp.’s 6.7% series D non-cumulative perpetual preferreds (NYSE: COFPrD) were up 1 cent to close at $25.89 on volume of about 208,000 shares
Insurance name Hartford Financial Services Group, Inc.’s $345 million 6% series G non-cumulative perpetual preferred stock rose.
The preferreds, trading under the temporary symbol “HIGJL,” rose 3 cents to close at $25.16 with about 246,000 shares trading.
Meanwhile, in the energy sector, Energy Transfer Partners LP’s 7.375% series C fixed-to-floating rate cumulative preferred units moved up.
The preferreds (NYSE: ETPPrC) added 11 cents to close at $24.61 on volume of about 149,000 shares.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% at the end of the session.
The iShares US Preferred Stock ETF gained 10 cents to $35.99.
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