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Brighthouse improves; Cullen/Frost preferreds above par; Ashford gains
By James McCandless
San Antonio, Nov. 13 – To finish out the week, the preferred market followed the common market with a positive push.
At the top of secondary volume, Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferred stock improved.
Elsewhere, in the finance space, Cullen/Frost Bankers, Inc.’s new $150 million 4.45%series B non-cumulative perpetual preferreds closed above par.
Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock finished the day on the positive side.
Also, Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock joined the prevailing trend.
Meanwhile, REIT Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock made some gains.
Brighthouse improves
At the top of the Friday secondary volume, insurance name Brighthouse’s new 5.375% series C non-cumulative preferred stock improved.
The preferreds, trading under the temporary symbol “BTHFL,” were up 7 cents to close at $25.25 on volume of about 1.9 million shares.
On Thursday, the preferreds tacked on 3 cents.
Cullen/Frost past par
Elsewhere, in the finance space, Cullen/Frost’s new $150 million 4.45%series B non-cumulative perpetual preferreds closed their initial trading day above par.
The preferreds, trading under the temporary symbol “CFRBL,” closed at $25.14 with about 1.5 million shares trading.
The deal priced on Thursday.
Sector peer Bank of America’s 4.375% series NN non-cumulative preferred stock finished the day on the positive side.
The preferreds (NYSE: BACPrO) picked up 2 cents to close at $25.40 on volume of about 309,000 shares.
On Thursday, the preferreds were active but ended level.
Also, Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock joined the prevailing positive trend.
The preferreds (NYSE: MSPrI) gained 7 cents to close at $28.62 with about 240,000 shares trading.
Ashford gains
Meanwhile, real estate investment trust Ashford Hospitality’s 7.375% series G cumulative preferred stock made some gains.
The preferreds (NYSE: AHTPrG) moved up 24 cents to close at $7.28 on volume of about 228,000 shares.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.19%.
The index closed Thursday down by 0.12%, capped Wednesday up by 0.15% and ended Tuesday down by 0.09%.
For the week, the index rose a collective 1%.
The iShares US Preferred Stock ETF was up 13 cents to $37.29.
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