Citizens Financial negative; Allstate preferreds active, level; SoCal Edison lifted

By James McCandless

San Antonio, Oct. 23 – The preferred market mostly carried the previous day’s positivity into the week’s halfway point on Wednesday, with many top traders retaining their positions from Tuesday.

Leading the secondary, Citizens Financial Group, Inc.’s new 5% series E fixed-rate non-cumulative perpetual preferred stock moved negatively.

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

Sector peer Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds followed the day’s trend.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were active but closed level.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate trust preferred securities were lifted.

Citizens down

Leading activity in the secondary for a second day, Citizens Financial’s new 5% series E fixed-rate non-cumulative perpetual preferred stock moved in a negative direction.

The preferreds, trading under the temporary symbol “CFGZL,” were down 2 cents to $25.10 on volume of about 997,000 shares trading.

On Tuesday, its first trading day, the preferreds landed at $25.11.

Elsewhere in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock spent another session gaining.

The preferreds (NYSE: COFPrI) picked up 6 cents to close at $25.22 with about 816,000 shares trading.

On Tuesday, the preferreds improved by 6 cents.

Sector peer Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds followed Wednesday’s positive trend.

The preferreds (NYSE: RFPrC) rose 3 cents to close at $27.76 on volume of about 408,000 shares.

On Tuesday, the preferreds gained 10 cents.

Allstate level

Insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were relatively active but closed the afternoon level.

The preferreds (NYSE: ALLPrH) went unchanged to close at $26.44 on volume of about 173,000 shares.

On Tuesday, the preferreds declined by 3 cents.

SoCal Edison lifted

Meanwhile, in utilities, Southern California Edison’s 5.375% fixed-to-floating rate trust preferred securities were lifted by the end of the day.

The preferreds (NYSE: SCEPrJ) garnered 9 cents to close at $23.68 on volume of about 161,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed up by 0.15%, building on Wednesday’s early gain of 0.01%.

The iShares US Preferred Stock ETF was up 8 cents to $37.68.

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