Morning Commentary: Bank of America, Athene preferreds lifted; American Finance better

By James McCandless

San Antonio, Sept. 19 – Thursday’s start to the preferred market saw a cohesive upward shift with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.14%.

As early trading began, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was on the rise.

The preferreds (NYSE: BACPrN) were up 9 cents to $25.08 on volume of about 407,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds saw early gains.

The preferreds (NYSE: COFPrI) were adding 10 cents to $24.78 with about 135,900 shares trading.

Sector peer Morgan Stanley’s series A floating-rate non-cumulative preferred stock also followed the morning trend.

The preferreds (NYSE: MSPrA) were gaining 7 cents to $22.06 on volume of about 99,300 shares.

Meanwhile, retirement services name Athene Holding Ltd.’s new 5.625% series B fixed-rate perpetual non-cumulative preference shares was also being lifted.

The preferreds, trading under the temporary symbol “ATHHF,” were improving by 7 cents to $25.35 with about 98,000 shares trading.

Real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock was pushed higher.

The preferreds (Nasdaq: AFINP) were picking up 5 cents to $25.61 on volume of about 91,500 shares.

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