Brighthouse improves; Cullen/Frost preferreds above par; Ashford gains

By James McCandless

San Antonio, Nov. 13 – To finish out the week, the preferred market followed the common market with a positive push.

At the top of secondary volume, Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferred stock improved.

The preferreds, trading under the temporary symbol “BTHFL,” were up 7 cents to close at $25.25 on volume of about 1.9 million shares.

Elsewhere, in the finance space, Cullen/Frost Bankers, Inc.’s new $150 million 4.45%series B non-cumulative perpetual preferreds closed above par.

The preferreds, trading under the temporary symbol “BTHFL,” were up 7 cents to close at $25.25 on volume of about 1.9 million shares.

Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock picked up 2 cents to close at $25.40 on volume of about 309,000 shares.

Also, Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock joined the prevailing trend.

Meanwhile, REIT Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock made some gains.

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