Ally Financial better; AT&T negative; AGNC preferreds decline

By James McCandless

San Antonio, March 20 – Top traders in the preferred market varied in direction as the space saw a net gain overall to close out the week.

Leading Friday trading, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a better position.

Elsewhere in the finance space, Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock also improved.

Sector peer JPMorgan Chase & Co.’s 4.75% series EE non-cumulative preferred stock were under pressure.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferreds took a negative turn by the end of the session.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock both declined.

Ally Financial better

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the day in a better position.

The preferreds (NYSE: ALLYPrA) were up 58 cents to close at $17.08 on volume of about 1.9 million shares.

On Thursday, the preferreds gained 83 cents.

Elsewhere in the finance space, Citigroup’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock also improved.

The preferreds (NYSE: CPrK) added 19 cents to close at $21.77 with about 701,000 shares trading.

Sector peer JPMorgan’s 4.75% series EE non-cumulative preferred stock was under pressure for a majority of the day’s activity.

The preferreds (NYSE: JPMPrC) dropped 45 cents to close at $24.10 on volume of about 634,000 shares.

AT&T down

Telecom services provider AT&T’s 4.75% series C perpetual preferreds took a negative turn by the end of the session.

The preferreds (NYSE: TPrC) shaved off 3 cents to close at $17.86 with about 777,000 shares trading.

On Thursday, the preferreds shot up $1.89.

AGNC negative

Meanwhile, real estate investment trust AGNC’s 6.125% series F and 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock both experienced a decline.

The series F preferreds (NYSE: AGNCP) dived 89 cents to close at $14.12 on volume of about 596,000 shares trading.

On Thursday, the preferreds jumped up $5.11.

The series E preferreds (NYSE: AGNCO) shed 73 cents to close at $15.35 on volume of about 574,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week up by 1.55%, tapering off of a 3.23% boost from early Friday trading.

The iShares US Preferred Stock ETF was up 54 cents to $27.75.

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