Shares of Citicorp fell Friday after the bank announced the early call of some of its preferred equity redemption cumulative stock, or Percs.
Citicorp shares plunged $1.125 to $46.375 and were among the most heavily traded issues on the New York Stock Exchange.
The New York bank said last Thursday that it was calling 39% of its Percs to ensure an orderly transition before the mandatory Nov. 30 conversion date. In November 1992, $1.1 million of the preferred shares were issued.
AmSouth Bancorp. was off 12.5 cents, to $31.375, after analyst Jennifer Prehn of Goldman, Sachs & Co., sliced her rating on the Birmingham, Ala., bank to "market performer" from "outperform."
Ms. Prehn said she had cut her earnings estimates to reflect expected pressure on AmSouth's net interest margin. With lower expectations the shares already appear fully valued, she said.
Meanwhile, Goldman's investment policy committee dropped Banc One Corp., Columbus, Ohio, from the firm's priority list of recommended stocks to make room for manufacturing-related stocks.
Goldman analyst Robert Albertson stressed, however, that the bank stock continued to be recommended by the firm. Banc One was off 25 cents, to $29.625.