Bank of America lifted; Brighthouse preferreds rise; Ashford boosted

By James McCandless

San Antonio, Nov. 16 – At the beginning of a new week, the preferred space carried over the upward trend from the end of last week.

Leading the day’s secondary activity, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock rose.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended on a positive trend.

Sector peer Cullen/Frost Bankers, Inc.’s new 4.45% series B non-cumulative perpetual preferred stock saw an improvement.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferreds rose.

Property owner Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock was boosted.

Bank of America lifted

Leading the day’s secondary activity, Bank of America’s 4.375% series NN non-cumulative preferred stock was lifted.

The preferreds (NYSE: BACPrO) were up 25 cents to close at $25.65 on volume of about 656,000 shares.

On Friday, the preferreds picked up 2 cents.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the session on a positive trend.

The preferreds (NYSE: ALLYPrA) grabbed 1 cent to close at $26.00 with about 579,000 shares trading.

Sector peer Cullen/Frost’s new 4.45% series B non-cumulative perpetual preferred stock also saw an improvement.

The preferreds, trading under the temporary symbol “CFRBL,” gained 15 cents to close at $25.20 on volume of about 526,000 shares.

Brighthouse rises

Meanwhile, insurance provider Brighthouse’s new 5.375% series C non-cumulative preferreds rose as the session concluded.

The preferreds, trading under the temporary symbol “BTHFL,” shot up 14 cents to close at $25.38 with about 524,000 shares trading.

On Friday, the preferreds tacked on 7 cents.

Ashford boosted

Real estate investment trust Ashford’s 7.375% series G cumulative preferred stock was boosted through Monday.

The preferreds (NYSE: AHTPrG) jumped 38 cents to close at $7.66 on volume of about 458,000 shares.

On Friday, the preferreds moved up 24 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 1.25% on Monday.

The index finished Friday up by 0.19%, closed Thursday down by 0.12% and capped Wednesday up by 0.15%.

The iShares US Preferred Stock ETF was up 43 cents to $37.72.

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