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Jernigan Capital preferreds off after at-the-market offering; Allstate notes active
By James McCandless
San Antonio, April 2 – The preferred stock market started the week actively as newer issues drive trading.
Jernigan Capital, Inc.’s $45 million at-the-market offering for its 7% series B cumulative redeemable perpetual preferred stock saw losses at the beginning of the week.
Allstate Corp. continued to see active trading with its new $500 million of $25-par series G perpetual preferred shares.
The 5.625% preferreds remained unchanged at $25.08 on Monday.
Bank of America Corp.’s preferreds were trading again after the issuer announced last week that it would redeem all series M and some series K preferreds.
The series K preferreds rose 6 cents to close at $25.66. The series C preferreds ticked up 1 cent to close at $26.03.
After Jernigan Capital appended its 7% series B cumulative redeemable perpetual preferred stock at par of $25 last Thursday, bringing the amount it is selling to $45 million, market sources reported that trading continued into Monday. The original pricing in January was for $37.5 million, or 1.5 million shares, with a 7% dividend.
The series B preferreds lost 4 cents to close at $23.16, chipping away at some of the gains made Thursday.
The Wells Fargo Hybrid & Preferred Securities Financial index closed down 0.08%, trending lower after starting the day down 0.05%.
The iShares US Preferred Stock ETF fell 6 cents to close at $37.28.
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