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Preferred stock market begins week with negative tone; U.S. banks lose early gains
By Stephanie N. Rotondo
Phoenix, March 9 – With the Friday sell-off in the preferred stock market, a trader said he “wouldn’t be surprised” if there was more selling pressure in the space over the course of the new week.
The Wells Fargo Hybrid and Preferred Securities index ended Monday off 13 basis points, or just over 3 cents on average for $25-par issues.
In the banking realm, most bank issues were trending lower.
Bank of America Corp.’s 6.5% series Y noncumulative preferreds (NYSE: BACPY) closed off 2 cents at $25.15. The shares were up 6 cents at $25.23 in early trading. The 6.625% series W noncumulative preferreds (NYSE: BACPW) were meantime 2 cents weaker at $25.33.
JPMorgan Chase & Co.’s 6.125% series Y noncumulative preferreds (NYSE: JPMPF) were a penny higher at $24.92. The preferreds had been up 7 cents earlier in the day.
As for the 6.7% series T noncumulative preferreds (NYSE: JPMPB), they were down 12 cents at $26.24.
In Wells Fargo & Co. paper, the 6% series T class A noncumulative preferreds (NYSE: WFCPT) increased 9 cents to $25.35. The preferreds had improved 15 cents to $25.405 at mid-morning.
However, Goldman Sachs Group Inc.’s 5.5% series J fixed-to-floating rate noncumulative preferreds (NYSE: GSPJ) managed to hold steady at $24.87. The issue was off 6.3 cents at $24.807 earlier in the day.
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