Armada Hoffler sells add-ons; Farmer Mac prices preferreds; Truist lifted

By James McCandless

San Antonio, Aug. 13 – The preferred market finished the Thursday session on varying ground as top traders trended better.

In the primary space, Armada Hoffler Properties, Inc. priced $90 million more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 6.75% at $24.75 per share.

Also, Federal Agricultural Mortgage Corp. sold $120 million of $25-par series F non-cumulative perpetual preferred stock with a dividend of 5.25% at par.

Remaining at the top of the secondary, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was lifted.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained ground.

Sector peer WesBanco, Inc.’s 6.75% series A fixed-rate reset non-cumulative perpetual preferreds were moving along a positive track.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5.45% cumulative fixed-to-floating rate trust preference securities decline.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the session on an upward trend.

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