Allstate lifted; Goldman Sachs preferreds slide; Monmouth under water

By James McCandless

San Antonio, Sept. 3 – Heading into the second half of the week, the preferred market saw an overall negative push on Thursday.

As the day’s volume leader, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was lifted.

Meanwhile, in the finance space, Goldman Sachs Group, Inc. 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock slid lower.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped.

Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed up, bucking the trend.

Elsewhere, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were under water.

Allstate lifted

As the day’s secondary volume leader, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was lifted.

The preferreds (NYSE: ALLPrH) were up 7 cents to close at $27.06 on volume of about 344,000 shares.

Goldman lower

Meanwhile, in the finance space, Goldman Sachs’ 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock slid to lower levels.

The preferreds (NYSE: GSPrB) shaved off 7 cents to close at $26.96 with about 326,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped as the session ended.

The preferreds (NYSE: WFCPrZ) declined by 8 cents to close at $24.88 on volume of about 322,000 shares.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed upward, bucking the overarching trend.

The preferreds (NYSE: ALLYPrA) gained 6 cents to close at $24.72 with about 269,000 shares trading.

Monmouth drifts

Elsewhere, real estate investment trust Monmouth Real Estate’s 6.125% series C cumulative redeemable preferreds were under water.

The preferreds (NYSE: MNRPrC) shaved off 2 cents to close at $24.98 on volume of about 246,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 0.26%, reversing a 0.07% rise in early Thursday trading.

The iShares US Preferred Stock ETF was down 38 cents to $36.26.

© 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.