Duke Energy preferreds improve; AIG sees positive trend; U.S. Bancorp moves lower

By James McCandless

San Antonio, April 8 – Top-trading preferred shares were mixed on Monday against an overall market decline.

Leading the session, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock improved.

Elsewhere, in insurance, American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds were also on the positive side.

Sector peer Allstate Corp.’s 5.1% fixed-to-floating rate subordinated debentures due 2053 were moving lower.

Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock gained by the close.

In finance, U.S. Bancorp’s series B non-cumulative perpetual preferreds moved slightly lower.

Duke Energy improves

At the top of trading in the Monday session, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock improved.

The preferreds (NYSE: DUKPrA) were up 5 cents to close at $25.70 on volume of about 595,000 shares.

On Friday, the preferreds picked up 10 cents.

AIG positive

Elsewhere, in the insurance space, AIG’s 5.85% series A non-cumulative perpetual preferreds ended Monday on the positive side.

The preferreds (NYSE: AIGPrA) picked up 3 cents to close at $25.82 with about 549,000 shares trading.

Sector peer Allstate’s 5.1% fixed-to-floating rate subordinated debentures due 2053 were pushed lower.

The debentures (NYSE: ALLPrB) dropped 7 cents to close at $25.70 on volume of about 472,000 shares.

Brighthouse’s 6.6% series A non-cumulative perpetual preferred stock were seen gaining by the Monday close.

The preferreds (Nasdaq: BHFAP) improved by 10 cents to $25.95 with about 331,000 shares trading.

U.S. Bancorp lower

Meanwhile, in finance, U.S. Bancorp’s series B non-cumulative perpetual preferreds finished the day slightly lower.

The preferreds (NYSE: USBPrH) lost 1 cent to close at $19.22 on volume of about 225,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session lower by 0.28%, increasing a 0.05% loss from early Monday trading.

The iShares US Preferred Stock ETF was down 11 cents to $36.70.

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