Morning Commentary: Bank of America declines with broader market; BB&T preferreds edge lower

By James McCandless

San Antonio, May 17 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock started Thursday trading down with about 311,000 shares trading.

The preferreds were down 2 cents at $25.10 in early trading.

BB&T Corp.’s 5.2% series F non-cumulative perpetual preferred stock started early trading heavily outpacing its average volume with about 190,000 shares exchanged.

The preferred market’s top volume traders have been financial names as of late, with investors hoping to correctly pick which company could put out redemption notices following similar moves from Bank of America and General Electric Co.

The BB&T preferreds, which became callable beginning Nov. 1, 2017, were down 2 cents at $24.74.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.10% in early trading, reversing the 0.12% gain at the market close on Wednesday.

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