Preferred stocks improve; slight gains seen for Synovus, BB&T, Athene

By Cristal Cody

Tupelo, Miss., July 15 – Preferred stocks closed modestly better on Monday as bank and financial issuers begin to release second quarter earnings results.

The Wells Fargo Hybrid and Preferred Securities index gained 0.11% on the day after a modest 0.01% rise at the start of the session. The index went out on Friday up by 0.07%.

The U.S. iShares Preferred Stock ETF finished up 3 cents, or 0.08%, at $37.03 after starting the day mostly flat on Monday. The ETF closed on Friday up 9 cents at $37.00.

In trading during the session in the finance space, Synovus Financial Corp.’s 5.875% series E fixed rate reset non-cumulative perpetual preferreds gained 7 cents, or 0.27%, to close at $25.68 on about 450,000 shares traded.

The prefereds (NYSE: SNVPrE) were up 3 cents, or 0.16%, to $25.65 on about 418,000 shares traded over the morning after closing on Friday level at $25.61 on trading volume of about 286,000 shares.

Sector peer BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock saw a modest gain.

BB&T’s preferreds (NYSE: BBTPrD) edged up 1 cent, or 0.04%, to close the day at $25.40 in light trading of about 47,000 shares.

Retirement company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares rose 6 cents, or 0.23%, to head out at $26.59.

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