Bank of America leads decline; Brighthouse better; Public Storage rises

By James McCandless

San Antonio, Nov. 30 – After a holiday-shortened week, the preferred space experienced broad declines on Monday.

As the session’s volume leader, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock declined.

Elsewhere in the finance space, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock slipped.

Sector peer Cullen/Frost Bankers, Inc.’s 4.45% series B non-cumulative perpetual preferreds spent the day under pressure.

Insurance carrier Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferred stock finished the day better.

Meanwhile, REIT Public Storage’s 3.9% series O cumulative preferred shares rose as the afternoon ended.

Bank of America off

As the session’s secondary volume leader, Bank of America’s 4.375% series NN non-cumulative preferred stock declined.

The preferreds (NYSE: BACPrO) were down 18 cents to close at $25.94 on volume of about 3.3 million shares.

Elsewhere in the finance space, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock slipped lower.

The preferreds (NYSE: USBPrQ) shaved off 6 cents to close at $24.84 with about 757,000 shares trading.

Sector peer Cullen/Frost’s 4.45% series B non-cumulative perpetual preferreds spent the day under pressure.

The preferreds (NYSE: CFRPrB) dropped 13 cents to close at $25.30 on volume of about 640,000 shares.

Brighthouse better

Insurance carrier Brighthouse’s 5.375% series C non-cumulative perpetual preferred stock finished the day in a better position.

The preferreds (Nasdaq: BHFAN) garnered 20 cents to close at $26.01 with about 2.6 million shares trading.

Public Storage rises

Meanwhile, real estate investment trust Public Storage’s 3.9% series O cumulative preferred shares rose as the afternoon ended.

The preferreds (NYSE: PSAPrO) racked up 8 cents to close at $25.12 on volume of about 639,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 0.5%.

The iShares US Preferred Stock ETF was down 9 cents to $37.73.

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