Morning Commentary: Cherry Hill preferreds up; Allstate up as broader market declines

By James McCandless

San Antonio, April 5 – On the last day of trading for the week, preferreds were largely down in morning trading.

Cherry Hill Mortgage Investment Corp. saw its 8.2% series A cumulative redeemable preferreds trading up slightly Friday morning.

Late Thursday the issuer registered a $35 million at-the-market offering for more of the securities.

B. Riley FBR, Inc. and JMP Securities LLC are the sales agents.

The preferreds were originally priced at $55 million in August 2017.

In early trading Friday, the preferreds were up 1 cent to $25.16.

Cherry Hill is a Moorestown, N.J.-based real estate investment trust.

Allstate Corp.’s recent upsized $500 million issue of $25 par series G fixed rate noncumulative perpetual preferred stock rose Friday even as the market overall traded down.

Priced last Tuesday, the preferreds carry a 5.625% dividend with quarterly payouts scheduled to begin on June 15.

The series B preferreds were up 2 cents Friday morning at $25.18

Allstate is a Northbrook, Ill.-based insurance provider.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.20% in early trading, extending the 0.02% loss in Thursday trading.

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