Citizens Financial above par; Allstate preferreds weaker; Public Storage rises

By James McCandless

San Antonio, Oct. 22 – Tuesday in the preferred space saw a positive shift, bolstered by volume leaders.

At the top of trading, Citizens Financial Group, Inc.’s new $450 million 5% series E fixed-rate non-cumulative perpetual preferred stock closed above par.

Elsewhere in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock improved.

Sector peer Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds shot up.

Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock closed weaker.

Meanwhile, REIT Public Storage, Inc.’s 4.875% series I cumulative preferred shares saw a rise by the close.

Citizens tops par

At the top of secondary trading, Citizens Financial’s new $450 million 5% series E fixed-rate non-cumulative perpetual preferred stock closed above par on its first day.

The preferreds, trading under the temporary symbol “CFGZL,” finished above par at $25.11 on volume of about 2.8 million shares.

The deal priced on Monday.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock improved by the end of the session.

The preferreds (NYSE: COFPrI) improved by 6 cents to close at $25.16 with about 519,000 shares trading.

On Monday, the preferreds went unchanged.

Sector peer Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds shot up, sustaining a positive trend.

The preferreds (NYSE: RFPrC) gained 10 cents to close at $27.73 on volume of about 418,000 shares.

Allstate weaker

Insurance name Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock closed weaker by the end of the afternoon.

The preferreds (NYSE: ALLPrH) declined by 3 cents to close at $26.44 with about 249,000 shares trading.

On Monday, the preferreds rose 6 cents.

Public Storage rises

Meanwhile, real estate investment trust Public Storage’s 4.875% series I cumulative preferred shares saw a rise by the close.

The preferreds (NYSE: PSAPrI) picked up 2 cents to close at $26.32 on volume of about 177,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the session up by 0.24%, adding on to the 0.04% gain from early Tuesday trading.

The iShares US Preferred Stock ETF were up 7 cents to $37.60.

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