Ally Financial better; AT&T preferreds negative; AG Mortgage rises

By James McCandless

San Antonio, July 14 – At the end of the day’s activity, the preferred space finished with a decline, while top traders diverged.

At the top of the Tuesday secondary, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a better position.

Elsewhere in the finance space, U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock slipped.

Sector peer Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock and its 5.5% series X non-cumulative perpetual class A preferreds were under water.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock dropped as the day came to a close.

Meanwhile, REIT AG Mortgage Investment Trust, Inc.’s 8% series C fixed-to-floating rate cumulative perpetual redeemable preferred shares rose.

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