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Bank of America leads low-volume, mixed session for preferreds; KeyCorp trades higher
By James McCandless
San Antonio, May 25 – Preferreds were muted in a relatively low-volume day as the end of the week led into a three-day weekend, sources said.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock ended the week as the most-active in the preferred space.
KeyCorp’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock jumped up in volume.
HSBC Holdings plc’s 8.125% preference shares gained amid an imminent redemption date.
The securities (NYSE: HSEA) traded up 24 cents to close at $25.24.
In its deal, Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock continued to be among the most-active issues with 749,000 shares changing hands on Friday.
The deal came to market a few weeks ago and has regularly been spotted among the most-active issues.
The preferreds (NYSE: BACPrB) were down 1 cent to close at $25.34 on Friday.
Meanwhile, KeyCorp’s 6.125% series E fixed-to-floating rate perpetual non-cumulative preferred stock saw a spike in trading volume as the week came to a close with about 738,000 shares trading.
Recently, the company’s board of directors approved a 14.3% hike in the quarterly common stock dividend, adjusting it to 12 cents from 10.5 cents.
The dividend will be payable on June 15.
The preferreds (NYSE: KEYprI) were up 2 cents to close at $27.47.
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