AT&T under pressure; First Republic preferreds decline; Allstate better

By James McCandless

San Antonio, Jan. 3 – The end of the week in the preferred market saw negativity from top traders as the overall market shifted higher.

Leading in the secondary, AT&T Inc.’s 5% series A perpetual preferred stock declined by the end of the session.

Elsewhere, in finance, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock also saw a decline.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock dived as the afternoon ended.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds joined the negative trend.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock moved into a better position.

AT&T down

Leading volume in the secondary market, AT&T’s % series A perpetual preferred stock declined by the end of the Friday session.

The preferreds (NYSE: TPrA) were down 7 cents to close at $26.33 on volume of about 645,000 shares.

On Thursday, the preferreds gained 10 cents.

First Republic lower

Elsewhere, in the finance space, First Republic’s 4.7% series J non-cumulative perpetual preferred stock also saw a decline.

The preferreds (NYSE: FRCPrJ) dipped 9 cents to close at $25.27 with about 578,000 shares trading.

On Thursday, the preferreds declined by 2 cents.

Sector peer Bank of America’s 5% series LL non-cumulative preferred stock dived as the afternoon ended.

The preferreds (NYSE: BACPrN) fell 22 cents to close at $26.01 on volume of about 409,000 shares.

On Thursday, the preferreds picked up 5 cents.

Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds joined Friday’s negative trend.

The preferreds (NYSE: COFPrI) shaved off 2 cents to close at $25.29 with about 395,000 shares trading.

Allstate better

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock moved into a better position.

The preferreds (NYSE: ALLPrH) rose 10 cents to close at $26.40 on volume of about 142,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.13%, improving on a 0.07% loss from early Friday trading.

The iShares US Preferred Stock ETF was up 8 cents to $37.89.

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