Synovus preferreds improve; Ally Financial weakens; Wells Fargo reverses decline

By James McCandless

San Antonio, July 5 –The preferred market returned to hefty volume after the market closed for the Fourth of July holiday.

Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock took the lead in secondary trading.

The series D preferreds (NYSE: SNVPrD) were up 7 cents to close at $25.79 on volume of about 225,000 shares.

On Monday, the company announced plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferreds.

Ally Financial Inc.’s series 2 fixed-to-floating rate trust preferred securities saw an increase in activity.

The preferreds (NYSE: ALLYPrA) were down 12 cents to close at $26.22 with about 218,000 shares trading.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock reversed recent declines.

Last week, the bank passed the most recent series of Federal Reserve stress tests and raised its dividend for its common stock.

The preferreds (NYSE: WFCPrJ) were up 4 cents to close at $25.68 on volume of about 190,000 shares.

On Tuesday, the preferreds were down 1 cent.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.28% at market close.

The iShares US Preferred Stock ETF was up 9 cents to $37.92.

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