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 preferreds were up 6 cents to close at $25.76 on volume of about 570,000 shares.

Meanwhile, REIT Vornado Realty Trust’s new 5.25% series N cumulative redeemable preferred shares knocked off 2 cents to close at $25.08 with about 544,000 shares.

Sector peer Public Storage’s 3.9% series O cumulative preferred shares picked up 3 cents to close at $25.07 on volume of about 227,000 shares.

Also, Bank of America Corp.’s 4.375% series NN non-cumulative preferred shares gained 4 cents to close at $25.97 with about 307,000 shares trading.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds shot up 19 cents to close at $25.94 on volume of about 209,000 shares.

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