AT&T improves; Bank of America preferreds gain; Duke Energy better

By James McCandless

San Antonio, Jan. 2 – The first trading day of the new year resulted in gains across the board in the preferred market.

At the top of trading, telecom name AT&T Inc.’s 5% series A perpetual preferred stock marked the day with an improvement.

Elsewhere, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock also gained.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds ended in a weaker position.

Citizens Financial Group, Inc.’s 5% fixed-rate non-cumulative perpetual preferred stock received a boost.

Meanwhile, utilities company Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock ended better.

AT&T improves

At the top of Thursday secondary trading, telecom name AT&T’s 5% series A perpetual preferred stock marked the day with an improvement.

The preferreds (NYSE: TPrA) were up 10 cents to close at $26.40 on volume of about 2.2 million shares.

Bank of America gains

Elsewhere, in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock also gained at the start of the new year.

The preferreds (NYSE: BACPrN) gained 5 cents to close at $26.23 with about 609,000 shares trading.

Sector peer First Republic’s 4.7% series J non-cumulative perpetual preferreds ended in a weaker position, opposite of the day’s trend.

The preferreds (NYSE: FRCPrJ) declined by 2 cents to close at $25.36 on volume of about 388,000 shares.

Citizens Financial’s 5% fixed-rate non-cumulative perpetual preferred stock received a boost at the end of the session.

The preferreds (NYSE: CFGPrE) garnered 21 cents to close at $25.14 with about 325,000 shares trading.

Duke Energy better

Meanwhile, utilities company Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock ended better.

The preferreds (NYSE: DUKPrA) picked up 11 cents to close at $27.82 on volume of about 360,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.78%, adding on to the 0.35% jump from early Thursday trading.

The iShares US Preferred Stock ETF was up 22 cents to $37.81.

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