Brighthouse gains; Vornado preferreds decline; Bank of America higher

By James McCandless

San Antonio, Nov. 23 – At the beginning of a holiday-shortened week, the preferred market made broad gains.

Leading the session’s secondary activity, insurance provider Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferred stock gained.

Meanwhile, REIT Vornado Realty Trust’s new 5.25% series N cumulative redeemable preferred shares declined.

Sector peer Public Storage’s 3.9% series O cumulative preferred shares finished on the positive side.

Also, Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock was higher by the end of the afternoon.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock spiked.

Brighthouse gains

Leading the session’s secondary activity, insurance provider Brighthouse’s 5.375% series C non-cumulative perpetual preferred stock gained some ground.

The preferreds (Nasdaq: BHFAN) were up 6 cents to close at $25.76 on volume of about 570,000 shares.

Vornado down

Meanwhile, real estate investment trust Vornado’s new 5.25% series N cumulative redeemable preferred shares declined.

The preferreds, trading under the temporary symbol “VORTP,” knocked off 2 cents to close at $25.08 with about 544,000 shares.

On Friday, the preferreds closed above par.

Sector peer Public Storage’s 3.9% series O cumulative preferred shares finished the day on the positive side.

The preferreds (NYSE: PSAPrO) picked up 3 cents to close at $25.07 on volume of about 227,000 shares.

Bank of America higher

Also, Bank of America’s 4.375% series NN non-cumulative preferred stock was higher by the end of the afternoon.

The preferreds (NYSE: BACPrO) gained 4 cents to close at $25.97 with about 307,000 shares trading.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock spiked.

The preferreds (NYSE: WFCPrZ) shot up 19 cents to close at $25.94 on volume of about 209,000 shares.

On Friday, the preferreds lost 4 cents.

Indexes

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.21%.

The index ended Friday down by 0.04, up by 0.18% on Thursday and closed down by 0.27% on Wednesday.

The iShares US Preferred Stock ETF was up 12 cents to $37.68.

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