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Bank of America declines with market; Farmland Partners plummets; MetLife ends lower
By James McCandless
San Antonio, July 11 – Trading in the preferred market was robust on Wednesday despite an overall negative trend.
Bank of America Corp.’s 6% series GG non-cumulative preferred stock fell, leading secondary trading.
Farmland Partners Inc.’s 6% series B cumulative participating preferred stock jumped up in activity with the issuer facing negative allegations from a short seller.
MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares also declined with the broader market.
Bank of America drops
Bank of America’s 6% series GG non-cumulative preferred stock led the preferred market in trading on Wednesday.
The preferreds (NYSE: BACPrB) were down 11 cents to close at $26.41 with about 433,000 shares trading.
Farmland Partners craters
Farmland Partners’ 6% series B cumulative participating preferred stock saw increased attention as it faces allegations from a short seller that the company is giving high-risk loans to related parties at a level that places the company at risk for insolvency. The company has denied the allegations while its common stock lost 38% of its value on Wednesday.
The preferreds (NYSE: FPIPrB) were down $6.08 to close at $18.15 with about 423,000 shares in volume.
MetLife lower
MetLife’s $805 million of 5.625% series E non-cumulative preferred shares continued to decline in trading.
The preferreds (NYSE: METPrE) were down 4 cents to close at $25.69 with about 272,000 shares exchanged.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.26% at the market close, tumbling downward after a 0.02% decline seen in early trading on Wednesday.
The iShares US Preferred Stock ETF was down 11 cents to $37.88.
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