Morning Commentary: Preferred stocks open week mostly flat; Synovus, BB&T improve

By Cristal Cody

Tupelo, Miss., July 15 – Preferred stocks opened mostly unchanged on Monday as bank and financial issuers begin to release second-quarter earnings results.

The Wells Fargo Hybrid and Preferred Securities index rose 0.01% after finishing last week up by 0.07%.

The U.S. iShares Preferred Stock ETF was mostly unchanged at $37.00 over the morning. The ETF closed on Friday up 9 cents at $37.00.

Citigroup Inc. released its second-quarter earnings report before the market opened on Monday.

The earnings releases will continue on Tuesday from Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co., followed by Bank of America Corp. on Wednesday and Morgan Stanley on Thursday.

In trading over the morning in the finance space, Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds gained 3 cents, or 0.16%, to $25.65 on about 418,000 shares traded.

The preferreds (NYSE: SNVPrE) ended Friday level at $25.61 on trading volume of about 286,000 shares.

Sector peer BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock was modestly better in thin trading over the morning.

BB&T’s preferreds (NYSE: BBTPrD) edged up 0.005, or 0.02%, to $25.40 with about 46,000 shares traded mid-morning. The preferreds went out on Friday flat at $25.39 on trading volume of about 204,000 shares.

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