Bank of America preferreds improve in secondary; NiSource gains; Maiden Holdings falls

By James McCandless

San Antonio, Dec. 7 – Preferreds closed trading on a positive note on Friday with some of the most active names moving to the upside.

Leading secondary volume, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock improved.

The preferreds (NYSE: BACPrK) were up 9 cents to close at $24.07 on volume of about 703,000 shares.

Elsewhere in financials, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were also higher.

The preferreds (NYSE: JPMPrD) picked up 10 cents to close at $24.65 with about 475,000 shares trading.

Goldman Sachs Group, Inc.’s preferreds were mixed.

The series D floating-rate non-cumulative preferreds (NYSE: GSPrD) lost 18 cents to close at $18.37 on volume of about 410,000 shares.

The 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds (NYSE: GSPrJ) added 16 cents to close at $24.28 on volume of about 410,000 shares.

In utilities, NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock gained.

The preferreds, trading under the temporary symbol “NISOP,” jumped up 18 cents to close at $24.90 with about 269,000 shares trading.

Insurance name Maiden Holdings Ltd.’s 7.125% series C non-cumulative preferreds saw a steep drop.

The preferreds (NYSE: MHPrC) dropped 95 cents to close at $6.90 on volume of about 236,000 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.