Morning Commentary: Digital Realty preferreds dip; Ally better; Allstate sees weakness

By James McCandless

San Antonio, Oct. 13 – The preferred market was in decline early Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.06%.

Leading early secondary market activity, real estate investment trust Digital Realty Trust, Inc.’s 5.25% series J cumulative redeemable preferred stock was moving along a negative track.

The preferreds (NYSE: DLRPrJ) were down 3 cents to $26.67 on volume of about 43,000 shares.

Elsewhere, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities started in a better position, going against the morning’s trend.

The preferreds (NYSE: ALLYPrA) were picking up 2 cents to $25.74 with about 46,000 shares trading.

Sector peer Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock were being pushed lower.

The preferreds (NYSE: TFCPrR) were down 24 cents to $26.60 on volume of about 36,000 shares.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also improving.

The preferreds (NYSE: COFPrJ) were adding 1 cent to $24.85 with about 28,000 shares trading.

Meanwhile, insurance carrier Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was weakening.

The preferreds (NYSE: ALLPrH) were shedding 7 cents to $27.50 on volume of about 23,000 shares.

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