Preferred stocks finish mostly better; primary quiet; Fulton declines; Bank of America gains

By Cristal Cody

Tupelo, Miss., Oct. 29 – Preferred stocks remained better on Thursday along with stocks following Wednesday’s sell-off.

The U.S. iShares Preferred Stock ETF closed up 10 cents, or 0.28% to $36.23.

The Wells Fargo Hybrid and Preferred Securities index finished up 0.01%.

Equities recovered some after Wednesday’s sell-off that sent stock indices down more than 3%.

The Dow Jones industrial average closed Thursday up 0.52%, the S&P 500 gained 1.19% and the Nasdaq improved 1.64%.

The primary market was quiet over the day with no reported issuers offering new preferred stock deals.

Fulton Financial Corp.’s 5.125% series A fixed-rate non-cumulative perpetual preferred stock, which started trading Thursday on the Nasdaq under the symbol “FULTP”, declined $1.36, or 5.27%, to $24.44 on trading volume of about 464,000 shares.

Meanwhile, Bank of America Corp.’s $1.1 billion of 4.375% 25-par perpetual non-cumulative preferreds (Baa3/BBB-/BBB) that priced on Tuesday closed the day up 8 cents, or 0.32%, to $25 on about 1.9 million shares traded.

© 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.