Bank of America declines; NiSource’s recent preferred shares drop; MetLife weakens

By James McCandless

San Antonio, Dec. 6 – The preferred market saw a broad decline on Thursday following the closure of the U.S. stock and bond markets a day earlier.

Leading the way downward by volume, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock fell.

The preferred stock (NYSE: BACPrK) was down 8 cents to close at $23.98 on volume of about 714,000 shares.

Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds declined.

The preferreds (NYSE: CPrK) lost 3 cents to close at $25.87 with about 479,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock bucked the negative trend, rising in trading.

The preferreds (NYSE: GSPrD) gained 6 cents to close at $18.55 on volume of about 414,000 shares.

Utilities name NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock dropped.

The preferreds, trading under the temporary symbol “NISOP,” were down 12 cents to close at $24.72 with about 334,000 shares trading.

In the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferreds were negative.

The preferreds (NYSE: METPrE) fell 19 cents to close at $23.94 on volume of about 269,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session down 0.11%.

The iShares US Preferred Stock ETF was down 16 cents to $34.71.

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