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AT&T leads preferreds higher; AXA gains; Allstate improves in insurance space
By James McCandless
San Antonio, Dec. 23 – The preferred space ended the first day of a shortened week extending last week’s positive run.
At the top of activity, telecom company AT&T Inc.’s 5% series A perpetual preferred stock was higher by the end of the afternoon.
Elsewhere, in the finance space, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock gained.
Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds were active but finished unchanged.
JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock followed the Monday trend.
Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock improved.
AT&T higher
At the top of Monday secondary activity, telecom company AT&T’s 5% series A perpetual preferred stock was higher by the end of the afternoon.
The preferreds (NYSE: TPrA) were up 5 cents to close at $26.00 on volume of about 1.1 million shares.
On Friday, the preferreds rose 14 cents.
AXA gains
Elsewhere, leading in the finance space, AXA’s 5.25% series A non-cumulative preferred stock gained by the end of the session.
The preferreds (NYSE: EQHPrA) jumped up 13 cents to close at $25.83 with about 532,000 shares trading.
On Friday, the preferreds picked up 10 cents.
Sector peer First Republic’s 4.7% series J non-cumulative perpetual preferreds were relatively active but finished unchanged.
The preferreds (NYSE: FRCPrJ) closed level at $25.32 on volume of about 468,000 shares.
JPMorgan’s 6.1% series AA non-cumulative preferred stock ended in a better position, following the Monday trend.
The preferreds (NYSE: JPMPrG) added 1 cent to close at $25.75 with about 457,000 shares.
Allstate improves
Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock sustained an improvement.
The preferreds (NYSE: ALLPrH) tacked on 17 cents to close at $26.12 on volume of about 306,000 shares.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index ended the day up by 0.27%, more than tripling the 0.08% rise from early Monday trading.
The iShares US Preferred Stock ETF was up 6 cents to $37.50.
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