Morning Commentary: Bank of America preferreds down; MetLife trails; AT&T heads lower

By James McCandless

San Antonio, May 1 – The final day of a mostly positive week for preferreds began with a decline as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.52%.

Leading early secondary trading volume, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was under pressure.

The preferreds (NYSE: BACPrN) were down 8 cents to $24.97 on volume of about 41,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was gaining ground while the 6.1% series AA non-cumulative preferreds were dipping.

The series GG preferreds (NYSE: JPMPrJ) were adding 4 cents to $24.94 with about 39,000 shares trading.

The series AA preferreds (NYSE: JPMPrG) were shedding 8 cents to $25.34 with about 30,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds were receiving a boost.

The preferreds (NYSE: SYFPrA) were improving by 30 cents to $20.79 on volume of about 30,000 shares.

Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was trailing.

The preferreds (NYSE: METPrF) were dropping 23 cents to $24.52 with about 41,000 shares trading.

Telecom name AT&T Inc.’s 5% series A cumulative redeemable preferred stock kicked off the day with negativity.

The preferreds (NYSE: TPrA) were losing 15 cents to $25.02 on volume of about 29,000 shares.

© 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.