Ally Financial spikes; AT&T better; National Retail preferreds lower

By James McCandless

San Antonio, April 22 – The preferred market ended the Wednesday session on a positive note after two days of negativity.

Leading the secondary for a third day, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities spiked.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 4.75% series GG non-cumulative preferred stocks both improved.

Sector peer Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferred stocks also shifted upward.

Telecom giant AT&T Inc.’s 4.75% series C perpetual preferred stock ended the session on the positive side.

Meanwhile, REIT National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferred stock saw lower levels.

Ally spikes

Leading the secondary activity for a third consecutive day, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities spiked.

The preferreds (NYSE: ALLYPrA) were up 64 cents to close at $21.00 on volume of about 889,000 shares.

On Tuesday, the preferreds lost 18 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD and 4.75% series GG non-cumulative preferred stocks both improved.

The series DD preferreds (NYSE: JPMPrD) added 36 cents to close at $26.14 with about 375,000 shares trading.

The series GG preferreds (NYSE: JPMPrJ) tacked on 11 cents to close at $24.33 with about 240,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferred stocks also shifted upward by the end of the afternoon.

The series Z preferreds (NYSE: WFCPrZ) gained 15 cents to close at $22.67 on volume of about 322,000 shares.

On Tuesday, the preferreds declined by 41 cents.

The series X preferreds (NYSE: WFCPrX) tacked on 29 cents to close at $25.16 on volume of about 235,000 shares.

AT&T better

Telecom giant AT&T’s 4.75% series C perpetual preferred stock ended the midweek session on the positive side.

The preferreds (NYSE: TPrC) improved by 5 cents to close at $22.75 with about 269,000 shares trading.

On Tuesday, the preferreds dipped 31 cents.

NNN lower

Meanwhile, real estate investment trust National Retail’s 5.2% series F cumulative redeemable preferred stock saw lower levels.

The preferreds (NYSE: NNNPrF) shaved off 10 cents to close at $23.35 on volume of about 227,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day 0.46% higher, leveling off from a 0.59% early Wednesday boost.

The iShares US Preferred Stock ETF was up 29 cents to $33.47.

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