Bank of America leads decline; Brighthouse better; Public Storage rises

By James McCandless

San Antonio, Nov. 30 – After a holiday-shortened week, the preferred space experienced broad declines on Monday.

As the session’s volume leader, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were down 18 cents to close at $25.94 on volume of about 3.3 million shares.

Elsewhere in the finance space, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferreds shaved off 6 cents to close at $24.84 with about 757,000 shares trading.

Sector peer Cullen/Frost Bankers, Inc.’s 4.45% series B non-cumulative perpetual preferreds dropped 13 cents to close at $25.30 on volume of about 640,000 shares.

Insurance carrier Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferreds gained 20 cents to close at $26.01 with about 2.6 million shares trading.

Meanwhile, REIT Public Storage’s 3.9% series O cumulative preferred shares racked up 8 cents to close at $25.12 on volume of about 639,000 shares.

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