MetLife declines; Ally Financial positive; AT&T preferreds lifted

By James McCandless

San Antonio, Jan. 13 – The preferred space began with an overall positive push to kick off the new week, though top traders were mixed.

At the top of trading activity, insurance provider MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock trailed the rest of the market.

Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities led the day’s positivity.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock closed with an improvement.

First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was under pressure.

Meanwhile, telecom company AT&T Inc.’s 5% series A perpetual preferreds saw a boost late in the afternoon.

MetLife trails

At the top of secondary trading, insurance provider MetLife’s recent 4.75% series F non-cumulative preferred stock trailed the rest of the market.

The preferreds, trading under the temporary symbol “METFL,” were down 5 cents to close at $25.30 on volume of about 1.7 million shares.

On Friday, the preferreds gained 11 cents.

Ally Financial rises

Elsewhere, in the finance space, Ally Financial’s ’s 8.125% series 2 fixed-to-floating rate trust preferred securities led Monday’s positivity.

The preferreds (NYSE: ALLYPrA) rose 7 cents to close at $26.28 with about 610,000 shares trading.

On Friday, the preferreds tacked on 3 cents.

Sector peer JPMorgan’s 4.75% series GG non-cumulative preferred stock closed the session with an improvement.

The preferreds (NYSE: JPMPrJ) inched up 1 cent to close at $25.77 on volume of about 417,000 shares.

First Republic’s 4.7% series J non-cumulative perpetual preferred stock was under pressure.

The preferreds (NYSE: FRCPrJ) declined by 3 cents to close at $25.28 with about 383,000 shares trading.

On Friday, the preferreds were active but ended unchanged.

AT&T gains

Meanwhile, telecom company AT&T’s 5% series A perpetual preferreds saw a boost late in the afternoon.

The preferreds (NYSE: TPrA) moved up 8 cents to close at $26.16 on volume of about 305,000 shares.

On Friday, the preferreds added 5 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the day up by 0.17%, pushing higher from a 0.01% gain in early Monday trading.

The iShares US Preferred Stock ETF was up 5 cents to $37.97.

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