Aspen Insurance better; CHS preferreds gain; First Republic improves

By James McCandless

San Antonio, July 28 – The preferred space extended a positive trend by the end of the Tuesday session.

Leading secondary market trading, insurance carrier Aspen Insurance Holdings Ltd’s 5.625% non-cumulative perpetual preferred shares ended in a better position.

Agricultural products producer CHS Inc.’s 7.5% series 4 class B cumulative redeemable preferred stock gained ground.

Elsewhere, in the finance space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds improved.

Sector peer Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock followed the trend.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was also carried higher at the session’s close.

Aspen better

Leading Tuesday secondary trading, insurance carrier Aspen Insurance’s 5.625% non-cumulative perpetual preferred shares ended the session in a better position.

The preferreds (NYSE: AHLPrE) were up 23 cents to close at $24.90 on volume of about 811,000 shares.

CHS gains

Agricultural products producer CHS’ 7.5% series 4 class B cumulative redeemable preferred stock also gained some ground.

The preferreds (Nasdaq: CHSCL) rose 11 cents to close at $27.24 with about 716,000 shares trading.

First Republic improves

Elsewhere, in the finance space, First Republic’s 4.7% series J non-cumulative perpetual preferreds improved as the afternoon concluded.

The preferreds (NYSE: FRCPrJ) gained 9 cents to close at $25.63 on volume of about 452,000 shares.

Sector peer Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock followed the trend.

The preferreds (NYSE: RFPrC) moved up 11 cents to close at $25.80 with about 330,000 shares trading.

AT&T higher

Meanwhile, telecom giant AT&T’s 4.75% series C perpetual preferred stock was also carried higher at the session’s close.

The preferreds (NYSE: TPrC) tacked on 5 cents to close at $24.95 on volume of about 437,000 shares.

On Monday, the preferreds shot up 24 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.34%, better than the 0.16% start from early Tuesday trading.

The iShares US Preferred Stock ETF was up 2 cents to $35.82.

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