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Morgan Stanley trades lower; Bank of America preferreds improve; Citigroup declines
By James McCandless
San Antonio, Aug. 29 – Trading in the preferred market centered on financial names on Wednesday as the market headed for the holiday weekend.
Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock declined, leading trading.
The preferreds (NYSE: MSPrE) were down 4 cents to close at $28.58 on volume of about 405,000 shares.
Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock added to recent gains.
The preferreds (NYSE: BACPrK) were up 2 cents to close at $25.58 with about 393,000 shares trading.
On Tuesday, the preferreds gained 8 cents.
Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock fell.
The preferreds (NYSE: CPrK) were down 8 cents to close at $27.74 on volume of about 380,000 shares.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% at market close, rising past the 0.01% gain in early trading on Wednesday.
The iShares US Preferred Stock ETF was up was up 7 cents to $37.91.
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