New Residential negative; Allstate preferreds improve; Brookfield Property gains

By James McCandless

San Antonio, Aug. 21 – The preferred market ended Wednesday gaining overall, though the performance of the most actively traded issues varied.

Leading the day’s trading volume, New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds were down 1 cent to close at $25.04 on volume of about 588,000 shares.

Sector peer American Homes 4 Rent’s 6.5% series D cumulative perpetual preferred shares rose 8 cents to close at $25.92 with about 307,000 shares trading.

AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds declined by 1 cent to close at $26.13 on volume of about 301,000 shares.

Meanwhile, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred shares rose 8 cents to close at $25.92 with about 307,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 class A cumulative redeemable perpetual preferred units followed the upward trend.

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