Allstate preferreds higher; JPMorgan improves; New Residential stronger

By James McCandless

San Antonio, Aug. 29 – The preferred market ended Thursday declining, though volume leaders trended upward.

At the top of trading, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred shares were up 6 cents to close at $26.11 on volume of about 699,000 shares.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both improved.

The series EE preferreds added 8 cents to close at $28.35 with about 440,000 shares trading.

The series DD preferreds picked up 11 cents to close at $28.10 with about 378,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped 8 cents to close at $26.18 on volume of about 316,000 shares.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds rose 5 cents to close at $25.03 with about 391,000 shares trading.

Elsewhere, telecom giant AT&T, Inc.’s 5.35% global notes due 2066 declined by 16 cents to close at $26.83 on volume of about 356,000 notes.

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