AllianzGI fund’s new preferreds improve; U.S. Bancorp declines; Northern Trust falls

By James McCandless

San Antonio, Sept. 7 – A short week in trading ended Friday with activity focused on newer preferred issues and financial names.

AllianzGI Convertible & Income Fund II’s new $109 million of 5.5% series A cumulative preferred shares gained, leading trading.

The preferreds, trading under the temporary symbol “NCZIP,” were up 1 cent to close at $24.81 on volume of about 708,000 shares.

The deal was priced on Sept. 5.

U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock saw declines.

The preferreds (NYSE: USBPrP) were down 10 cents to close at $25.25 with about 342,000 shares trading.

Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock declined on increased attention.

The preferreds (Nasdaq: NTRSP) lost 23 cents to close at $26.13 on volume of about 337,000 shares.

Northern Trust is a Chicago-based asset management company.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.38% at market close, pushing past a 0.29% decline in early trading on Friday.

The iShares US Preferred Stock ETF was down 19 cents to $37.10.

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