Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2015 > News item |
Preferred stock market begins week with negative tone; U.S. banks lose early gains
By Stephanie N. Rotondo
Phoenix, March 9 – With the Friday sell-off in the preferred stock market, a trader said he “wouldn’t be surprised” if there was more selling pressure in the space over the course of the new week.
And while there were no new deals announced as of early Monday, he speculated that “we could see something tomorrow or the next day.”
But another market source opined that the pipeline – at least from U.S. banks – would stay silent until after Wednesday’s release of the Comprehensive Capital Analysis and Review results from the Federal Reserve.
The Wells Fargo Hybrid and Preferred Securities index ended the session off 13 basis points, or just over 3 cents on average for $25-par issues. The index was down 5 bps at mid-morning.
In the banking realm, most names were seeing an early rally from Friday’s lows. But by the end of the day, most bank issues were trending lower.
Bank of America Corp.’s 6.5% series Y noncumulative preferreds (NYSE: BACPY) closed off 2 cents at $25.15. The shares were up 6 cents at $25.23 in early trading. The 6.625% series W noncumulative preferreds (NYSE: BACPW) were meantime 2 cents weaker at $25.33.
JPMorgan Chase & Co.’s 6.125% series Y noncumulative preferreds (NYSE: JPMPF) were a penny higher at $24.92. The preferreds had been up 7 cents earlier in the day.
As for the 6.7% series T noncumulative preferreds (NYSE: JPMPB), they were down 12 cents at $26.24.
In Wells Fargo & Co. paper, the 6% series T class A noncumulative preferreds (NYSE: WFCPT) increased 9 cents to $25.35. The preferreds had improved 15 cents to $25.405 at mid-morning.
However, Goldman Sachs Group Inc.’s 5.5% series J fixed-to-floating rate noncumulative preferreds (NYSE: GSPJ) managed to hold steady at $24.87. The issue was off 6.3 cents at $24.807 earlier in the day.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.