Farmland Partners rebounds; Bank of America preferreds decline; Synovus falls

By James McCandless

San Antonio, July 12 – The preferred market was flat to weaker in trading on Thursday with volume remaining steady.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% at the market close. The iShares US Preferred Stock ETF was level at $37.88.

Farmland Partners Inc.’s 6% series B cumulative participating preferred stock made gains after plummeting on Wednesday.

The preferreds (NYSE: FPIPrB) were up $2.55 to close at $20.70 with about 399,000 shares trading.

On Wednesday, the preferreds lost $6.08.

Bank of America Corp.’s 6% series GG and EE non-cumulative preferred stock declined with the market.

The series GG preferreds (NYSE: BACPrB) were down 4 cents to close at $26.37 with about 375,000 shares exchanged.

The series EE preferreds (NYSE: BACPrA) declined 23 cents to close at $26.19 on volume of about 365,000 shares.

Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock fell.

The preferreds (NYSE: SNVPrD) were off 5 cents to close at $25.95 on volume of about 303,000 shares.

AT&T, Inc.’s 5.35% $25-par global notes due 2066 were level. After the market close, the Department of Justice announced that it would appeal a federal judge’s decision that allowed AT&T to merge with Time Warner.

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