Morning Commentary: Allstate active, flat; New Residential weaker; Qwest $25-pars rise

By James McCandless

San Antonio, Aug. 28 – Preferred trading on Wednesday morning was modestly positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

Leading morning activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was active but rigid.

The preferreds (NYSE: ALLPrH) were level at $26.00 on volume of about 130,000 shares.

Aspen Insurance Holdings Ltd., another insurance provider, saw its 5.625% non-cumulative preference shares shifting upward.

The preferreds (NYSE: AHLPrE) were gaining 7 cents to $25.65 with about 51,000 shares trading.

Elsewhere, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds saw a slight dip as the session started.

The preferreds (NYSE: NRZPrB) edged 1 cent lower to $24.92 on volume of about 57,000 shares.

Sector peer Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferred stock began the day on the positive side.

The preferreds (NYSE: NLYPrI) were up 1 cent to $25.81 with about 44,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were also following the market on a positive path.

The notes (NYSE: CTBB) were improving by 6 cents to $24.96 on volume of about 42,000 notes.

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