RiverNorth under par; Ally Financial preferreds dip; Public Storage lower

By James McCandless

San Antonio, Oct. 19 – Opening up a new week, the preferred market saw negativity carried over from the previous week.

Volume leader RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.’s 4.375% series A cumulative preferred stock closed at $24.93 on volume of about 513,000 shares trading.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined by 15 cents to close at $25.38 with about 302,000 shares trading.

Sector peer U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds shed 8 cents to close at $26.95 on volume of about 258,000 shares.

Capital One Financial Corp.’s 4.625% series K and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks both trailed.

The series K preferreds dived 20 cents to close at $24.88 with about 223,000 shares trading.

The series J preferreds were docked 3 cents to close at $24.81 with about 190,000 shares trading.

Elsewhere, REIT Public Storage’s 3.875% series N cumulative preferred shares slipped 1 cent to close at $25.18 on volume of about 165,000 shares.

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