Morgan Stanley trades lower; Bank of America preferreds improve; Citigroup declines

By James McCandless

San Antonio, Aug. 29 – Trading in the preferred market centered on financial names on Wednesday as the market headed for the holiday weekend.

Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock declined, leading trading.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock added to recent gains.

Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock fell.

Morgan Stanley falls

Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock fell on Wednesday.

The preferreds (NYSE: MSPrE) were down 4 cents to close at $28.58 on volume of about 405,000 shares.

Bank of America rises

Bank of America’s 5.875% series HH preferred stock traded up again.

The preferreds (NYSE: BACPrK) were up 2 cents to close at $25.58 with about 393,000 shares trading.

On Tuesday, the preferreds gained 8 cents.

Citigroup loses

Citigroup’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock declined.

The preferreds (NYSE: CPrK) were down 8 cents to close at $27.74 on volume of about 380,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% at market close, rising past the 0.01% gain in early trading on Wednesday.

The iShares US Preferred Stock ETF was up was up 7 cents to $37.91.

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