Gladstone Land completes offer; Ally Financial dives; AT&T lower

By James McCandless

San Antonio, March 23 – The preferred space saw a blanket decline as the economy continued to show signs of strain on Monday.

In primary activity, Gladstone Land Corp. completed the sale of $150 million of its $25-par series B cumulative redeemable preferred stock with a dividend of 6%.

Secondary trading was led by a dive for Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series EE and 4.75% series GG non-cumulative preferred stocks both declined.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were also trailing.

Telecom company AT&T Inc.’s 4.75% series C perpetual preferred stock sunk to lower levels by the end of the session.

Meanwhile, asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock cratered.

Gladstone ends sale

In the first trickle of primary activity in more than two weeks, Gladstone Land announced that it completed the sale of $150 million of its $25-par series B cumulative redeemable preferred stock with a dividend of 6%.

The preferreds, which were first offered for up to $150 million on May 31, 2018, were part of a continuous registered public offering that concluded on March 9.

Gladstone Securities, LLC is the broker-dealer.

Ally Financial dives

Secondary trading was again led by a dive for Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities.

The preferreds (NYSE: ALLYPrA) were down $1.18 to close at $15.90 on volume of about 878,000 shares trading.

On Friday, the preferreds gained 58 cents.

Elsewhere in the finance space, JPMorgan’s 4.75% series EE and 4.75% series GG non-cumulative preferred stocks both declined.

The series EE preferreds (NYSE: JPMPrC) fell 34 cents to close at $23.76 with about 781,000 shares trading.

On Friday, the preferreds dropped 45 cents.

The series GG preferreds (NYSE: JPMPrJ) slid $1.33 to close at $19.75 with about 636,000 shares trading.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were also trailing.

The preferreds (NYSE: COFPrJ) were pushed down 79 cents to close at $14.00 on volume of about 653,000 shares trading.

AT&T lower

Telecom company AT&T’s 4.75% series C perpetual preferred stock sunk to lower levels by the end of the session.

The preferreds (NYSE: TPrC) were docked $1.89 to close at $15.97 with about 589,000 shares trading.

On Friday, the preferreds shaved off 3 cents.

Annaly Capital off

Meanwhile, asset manager Annaly Capital’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock cratered.

The preferreds (NYSE: NLYPrF) crashed $3.42 to close at $13.52 on volume of about 543,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 6.11%, adding to a 4.29% loss from early Monday trading.

The iShares US Preferred Stock ETF was down $1.54 to $26.21.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.