Bank of America lifted; Brighthouse preferreds rise; Ashford boosted

By James McCandless

San Antonio, Nov. 16 – At the beginning of a new week, the preferred space carried over the upward trend from the end of last week.

Leading the day’s secondary activity, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were up 25 cents to close at $25.65 on volume of about 656,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities grabbed 1 cent to close at $26.00 with about 579,000 shares trading.

Sector peer Cullen/Frost Bankers, Inc.’s new 4.45% series B non-cumulative perpetual preferred stock saw an improvement.

The preferreds, trading under the temporary symbol “CFRBL,” gained 15 cents to close at $25.20 on volume of about 526,000 shares.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferreds shot up 14 cents to close at $25.38 with about 524,000 shares trading. Property owner Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stocks jumped 38 cents to close at $7.66 on volume of about 458,000 shares

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