Morning Commentary: Bank of America preferreds add to gains; MetLife declines

By James McCandless

San Antonio, July 3 – Bank of America Corp.’s $1.2 billion issue of 6% series GG non-cumulative preferred stock led secondary trading early Tuesday as the market heads into the Fourth of July holiday.

The preferreds (NYSE: BACPrB) were up 5 cents to $26.19 with about 93,000 shares exchanged.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares continued to trend lower.

The preferreds (NYSE: METPrE) were down 4 cents to $25.55 on volume of about 69,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.14% in early trading, adding to the 0.46% increase at the market close on Monday.

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