Bank of America declines; NiSource’s recent preferred shares drop; MetLife weakens

By James McCandless

San Antonio, Dec. 6 – The preferred market saw a broad decline on Thursday following the closure of the U.S. stock and bond markets a day earlier.

Leading the way downward by volume, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock fell.

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

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock bucked the negative trend, rising in trading.

Utilities name NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock dropped.

In the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferreds were negative.

Bank of America declines

Leading secondary trading volume, Bank of America’s 5.875% series HH non-cumulative preferred stock (NYSE: BACPrK) was down 8 cents to close at $23.98 on volume of about 714,000 shares.

On Tuesday, the preferreds lost 14 cents.

Elsewhere in finance, Citigroup’s 6.875% series K fixed-to-floating rate non-cumulative preferreds also declined.

The preferreds (NYSE: CPrK) lost 3 cents to close at $25.87 with about 479,000 shares trading.

Goldman Sachs’ series D floating-rate non-cumulative preferred stock rose, going against the market trend.

The preferreds (NYSE: GSPrD) gained 6 cents to close at $18.55 on volume of about 414,000 shares.

NiSource drops

NiSource’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock dropped.

The preferreds, trading under the temporary symbol “NISOP,” were down 12 cents to close at $24.72 with about 334,000 shares trading.

On Tuesday, the preferreds gained 9 cents.

MetLife negative

Elsewhere, in the insurance space, MetLife’s 5.625% series E non-cumulative preferreds were also negative.

The preferreds (NYSE: METPrE) fell 19 cents to close at $23.94 on volume of about 269,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session down 0.11%, closing better after an early drop of 0.45%.

The iShares US Preferred Stock ETF was down 16 cents to $34.71.

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