Ellington rises; Ally Financial, Capital One preferreds better; Maiden Holdings recovers

By James McCandless

San Antonio, Oct. 18 – The preferred space capped the week on an overall negative trend, though top traders were pushing higher.

At the top of activity, Ellington Financial Inc.’s new 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock rose.

The preferreds, trading under the temporary symbol “EGLLP,” were up 3 cents to close at $25.19 on volume of about 499,000 shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities closed better.

The preferreds (NYSE: ALLYPrA) were better by 4 cents to close at $26.43 with about 489,000 shares traded.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds followed the trend.

The preferreds (NYSE: COFPrI) added 1 cent to close at $25.10 on volume of about 313,000 shares.

Bank of America Corp.’s 5% series LL non-cumulative preferred stock finished the session on the negative side.

The preferreds (NYSE: BACPrN) fell 1 cent to close at $25.79 with about 270,000 shares trading.

Insurance name Maiden Holdings Ltd.’s 8.25% series A non-cumulative preference shares recovered from an early Friday slump.

The preferreds (NYSE: MHPrA) jumped up 19 cents to close at $5.75 on volume of about 314,000 shares.

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