Morning Commentary: Bank of America preferreds higher; Aspen gains; Legg Mason better

By James McCandless

San Antonio, Sept. 23 – The preferred market began a new week broadly positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.18%.

Leading early activity, Bank of America Corp.’s 5% series LL and 6% series GG non-cumulative preferred stock were both starting higher.

The series LL preferreds (NYSE: BACPrN) were up 10 cents to $25.23 on volume of about 255,000 shares.

The series GG preferreds (NYSE: BACPrB) were up 7 cents to $27.02 on volume of about 80,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also improving.

The preferreds (NYSE: COFPrI) were gaining 3 cents to $24.91 with about 76,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds followed the early trend.

The preferreds (NYSE: JPMPrF) were improving by 5 cents to $25.50 on volume of about 52,000 shares.

Meanwhile, insurance provider Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares began on the positive side.

The preferreds (NYSE: AHLPrE) were better by 1 cent to $25.38 with about 44,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were seen heading to a better position.

The notes (NYSE: LMHB) were up 5 cents to $25.85 on volume of about 32,000 notes.

© 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.