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Wintrust gains; Northern Trust preferreds negative; AG Mortgage lower
By James McCandless
San Antonio, May 8 – Despite fresh negative economic data on the impact of the coronavirus, the preferred market ended the week on an upward trend.
Leading the day’s preferred trading, Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock gained.
The preferreds trading under the temporary symbol “WTFNL,” were up 4 cents to close at $25.08 on volume of about 527,000 shares.
Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred shares rose 1 cent to close at $24.98 on volume of about 387,000 shares trading.
Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved by 6 cents to close at $22.08 on volume of about 307,000 shares.
Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferreds shaved off 2 cents to close at $24.70 with about 192,000 shares trading.
REIT AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferreds declined by 9 cents to close at $9.22 on volume of about 176,000 shares.
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